Ripple’s XRP Saw A Potential 1,151% Surge On eToro In November
Almost throughout the entire month of November, altcoins have shown an impressive bullish performance amid the broader bull run of the world’s largest cryptocurrency Bitcoin (BTC). Though the entire altcoins market traded bullish last month, two famous altcoins have been more prominent including the second-largest cryptocurrency by market cap Ethereum (ETH) and the third-ranked digital currency XRP. Especially, the month of November belongs to the native digital token of the San Francisco-based blockchain payments firm Ripple as it has shown outstanding performance over the past month.
A potential rally of more than 1,000 percent on eToro
Reportedly, the second-leading altcoin in the world showed a significant performance in terms of trading volume on the social trading platform eToro in November. Last month the trading volume of XRP surged by approximately 1,151 percent on eToro’s trading platform as per the monthly report shared by the company. Due to this trading volume spike, XRP was the second-most traded digital currency during the last month after the world’s top-ranked cryptocurrency Bitcoin.
This spike in the trading activity has occurred as a result of the rising interest of retail investors in cryptocurrencies which skyrocketed during the past month. The market analyst of eToro Simon Peters said that a large number of retail investors jumped into the XRP cryptocurrency. He said, “Altcoins are making waves as investors look to alternative cryptoassets to diversify and make gains elsewhere.”
The increase in XRP’s trading volume is completely logical
Adding more to his comments, the market analyst said that the surge in the trading volume of XRP is completely logical if we see it in the context of the third-ranked cryptocurrency’s exponential price surge that occurred in the month of November. He said that the coin started the month when its price value was trading at around $0.24 while it ended when the price was holding at around $0.66.
The month of November was really significant for XRP as it recorded its new three-year high value this month by hitting the price level of $0.76. Reportedly, the coin posted a price rally of approximately 175 percent in Nov. On the leading San Francisco-based cryptocurrency exchange, it even recorded its monthly peak value of $0.92 as well. Another significant achievement marked by XPR was to overtake the world’s largest stablecoin Tether (USDT) in order to become the third-largest digital currency in the world by market cap. Moreover, the Google search interest for XRP also spiked to a new high last month.
Currently, XRP’s price value is holding at around $0.63 with a price increase of more than three percent during the past 24 hours. This shows that the coin is still in the bullish momentum.
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