Fintech-Ripple (XRP) token has risen by 142.3% in the last week. The highest level of $0.4974 crypt currency since September 2018 was reached on Sunday 22 November.
At the time of writing, XRP is traded at $0.7.
Ripple’s market capitalization exceeded $21 billion, and according to CoinGecko, growth was 171.8% for the month.
According to analysts at Santiment, the probable catalyst for the XRP rally was an increase in the number of daily active addresses. On November 22, the crypt currency rose by 27% against the background of this indicator reaching its highest value (24 408) since May 1.
Another potential reason that triggered the token was the activity of the developer company Ripple Labs. In its report for the third quarter of 2020, it reported the acquisition of $45.55 million by XRP as part of a buy-back programme to maintain „healthy markets“.
In November, Ripple Labs filed a trademark application with the US Patent and Trademark Office for a product called Paystring. It is described as a tool for receiving and sending money transfers.
Traders‘ moods could be affected by the new Ethereum smart contract execution function, which has been available in Ripple’s block-office since 18 November. This is a solution called Hooks, the launch of which was announced by the project’s chief developer, Witts Wind.
Ripple Labs has also released a new version of the XUMM Wallet payment application.
The overall positive sentiment in the cryptovoltaic market could have had a positive impact on the XRP course. Bitcoin is currently traded at $18,400.
Recall that on November 23, Ripple opened a vacancy for a senior director for interaction with central banks as part of work on projects of digital currencies regulators.