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At press time, XRP is up by about 16% over the last 24 hours. Such a parabolic price movement looks unusual of the digital currency, and has since raised questions as to what initiated the sudden price spike. However, a recent article on Forbes has attributed the rise to the looming fork of the digital token, XRP.
For the past few days, the price of Bitcoin (BTC) has been going back and forth, with no significant growth. The market price trend suddenly changed in favour of Altcoins such as Ripple’s XRP, Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Stellar Lumen (XLM) and some other top cryptocurrencies.
Forbes Attributes the Rise of Ripple’s XRP Price to the Proposed Fork
Ripple’s XRP led the Altcoins’ price rally some hours ago. The significant uptrend made XRP record about 20% 24H price increase. According to a recent article on Forbes, the digital currency is possibly responding to the viral report of its proposed hard fork, which came from a set of XRP community members.
According to estimation, Ripple owns about 60% of existing 100 billion XRP tokens. In July 2019, the blockchain tech revealed quarter to quarter increase in the sales of XRP.
The continuous selloffs that were recently conducted by Ripple caused commotion within the XRP community. The accusation was particularly based on Ripple “dumping XRP on investors”.
The hard-forking proposal came from the tweet of a Twitter influencer and cryptocurrency trader, Crypto Bitlord, who boasts of over 100 thousands followers. He pointedly shared that the XRP fork will be a “community effort”.
XRP is maintaining its growth at the moment in the market. At the time of writing, XRP is trading at $0.312291, with relatively 15% price upsurge in the last 24 hours.
Could the Hard-forking Proposal Be a Calculated Means to Impact XRP Price?
This could be deduced from the recent reaction of the mastermind of the proposed fork of XRP. Crypto Bitlord was subsequently backlashed by tons of XRP enthusiasts that are not in support of his sensitive threat.
From one of his recent tweets, the fact that XRP is rising presently excites him. His reaction makes the price rise look like a mission accomplished. So, this makes it looks like a calculated means to indirectly impact the growth of XRP in the market. He said “Finally we get the credit we deserve!”
This @Forbes article cites the reason for the $XRP pump as “ the looming fork”
This is brilliant!
Finally we get the credit we deserve! #RippleOne
🚀🚀🚀https://t.co/K0PV8RmJoo
— CRYPTO BITLORD (@Crypto_Bitlord) September 18, 2019
However, other top digital currencies, excluding Bitcoin (BTC), are also experiencing significant price upsurge. So, since the increase applies to other top cryptocurrencies, it could be concluded that XRP is just having its share of the benefit that comes with Altseason.