Ripple’s Price Explodes to $0.76 A New 2020 High

XRP, the native digital token of the San Francisco-based blockchain payment behemoth Ripple, is continuously exploding to make new highs. A few hours ago on the 24th of November, the third-ranked cryptocurrency reached $0.76 which is the new highest value for the coin so far this year.

It was the result of a price rally of more than 100 percent during the past seven days that the coin has reached this level. With this impressive price rally, XRP has been able to record new highs for the past two years. Reportedly, it is the highest value that XRP has hit since May 2018.

XRP Upward Price Surge Grows Stronger

On Saturday, the price value of XRP was standing at around its psychological level of $0.30. At that time, it was slightly heading in an upward direction. However, the coin has accelerated its price rally during the last two days especially as XRP has broken various crucial resistances during this time. Firstly, it breached the key resistance level of $0.50. After that, it surpassed $0.62, and $0.70, respectively. This helped XRP to record its two-year high value at around $0.76 as per the data provided on CoinMarketCap.

Though the third-major cryptocurrency has slightly moved down to $0.62, the bullish rally of XRP is still continuing. It is still far outpacing all of the other digital currencies in the cryptocurrency market including the world’s top two digital asset Bitcoin (BTC) and Ethereum (ETH) both in terms of daily price gains as well as weekly price gains. Reportedly, XRP is the only cryptocurrency in the market that has its weekly price gain of over 100 percent at the moment.

XRP’s Price rally is linked with Flare Network’s spark airdrop

Some cryptocurrency analysts in the cryptocurrency market are linking this impressive price surge of XRP with that of the upcoming spark token airdrop of Flare Network which is a smart contract platform.

A snapshot of XRP addresses is scheduled to occur on the 12th of December. In this snapshot event, 45 billion spark tokens will be distributed freely among the community. The anticipation of this spark airdrop seems to have driven this potential price growth of XRP.