It’s been a good news week for XRP, and it’s creator Ripple, but a 20% spike in its value – and an accompanying explosion of volume – has left even its dedicated supporters confused as to what’s going on.
Just after midday today (GMT+1, 7am EDT) the price of XRP began a sharp spike upward that, within the space of four hours saw it’s price rise from under $0.27 to above $0.34. At the time of writing, it was sitting close to $0.33 – a 20% rise over 24hrs.
The speed of the move, even given yesterday’s good news tease regarding the roll out of Ripple’s much-vaunted xRapid cross-border payments solution, has left even Ripple’s most dedicated advocates on Twitter and Reddit confused about what’s going on. One driver of demand appears to be coming through the XRP/BTC pair on the Zb.com exchange – which seems to refute some claims that testing of xRapid is behind the spike, which would be more likely to result in a spike of XRP/USD volume on Bittrex, the system’s preferred exchange.
Taking a look at at it’s share of the XRP market over 30 days, it Zb takes a healthy – though not exception share of the XRP volume pie, according to XRP Charts.
However, over the last 24hrs alone, it has been responsible for $60m of trading – around 14.5% of the day’s volume, but that was higher earlier in the day.
Whether the spike in price is being driven by interest in Hong Kong, or elsewhere, being routed through the Asian exchange is currently unclear, but the move in price will certainly be a relief to hodlers of a currency that’s had its fair share of problems of late.