Ripple Price Surges 30%

Ripple Price Surges 30% as RippleNet Adds 100th Member

The ripple price has risen by 30% since the beginning of October, bolstered by the growth of RippleNet — the startup’s enterprise network — as well as anticipation for the company’s upcoming “Swell” conference next week.

The price of XRP — the native currency of the Ripple Consensus Ledger (RCL) — has climbed significantly since the beginning of October. The ripple price entered the month at $0.198 and held there until October 4, when Korean traders initiated a rally. By October 8, the ripple price had climbed more than 20%, and it spiked as high as $0.279 the next day. Ripple then pulled back to $0.240 as traders began to take profits, but it quickly resumed the rally. At present, XRP is trading at a global average of $0.261, which represents a month-to-date increase of 32% and gives the cryptocurrency a market cap of $10.1 billion.

There is one factor of which investors should remain aware. Demand for XRP has been heavily concentrated on South Korean cryptocurrency exchanges. Korean exchanges Bithumb, Coinone, and Korbit account for a combined total of nearly 70% of all XRP trading volume.

Many investors may view this as a positive signal that Ripple’s targeted penetration of the Asian economy will be successful. Others, however, may find it concerning that so much of XRP’s volume is concentrated within a single fiat currency trading pair.