XRP best performer of the day: these are the reasons why

14 May, 2019
by Jelmer van der Dussen
Analysis
XRP best performer of the day: these are the reasons why

XRP holders have waited a long time for it, but these two days Ripple's token is finally making moves again, surging more than 30% in the last 2 days. What's moving the price of XRP?

2019, up to this week, wasn't really the year of XRP. With Bitcoin more than doubling in price, Ripple's cryptocurrency kept losing in value against BTC. But on Monday, XRP finally started making gains again, and on Tuesday, it's even the best performer in the top 100, gaining more than 20% and outperforming Bitcoin by 9%. What's behind this latest XRP move?

XRP/USD Chart by Tradingview

Fidelity coming?

The biggest news in May for Bitcoin definitely is the plan of Fidelity to start offering XRP trading for institutional investors in the future. Fidelity is gearing up to launch Bitcoin buying, selling and custody in the coming weeks, and will start with BTC only. But according to Anthony Pompliano, co-founder of Morgan Creek Digital, XRP and Ethereum are next in line for Fidelity, that will focus on 'topcryptos' at first.

This means that XRP buying will be made a lot easier and safer for the rich and wealthy. Fidelity is a $7 trillion asset manager, and recently published a research in which was reported that almost half of their clients are interested in investing in cryptocurrencies.

Coinbase
Next to Fidelity exploring XRP trading, Coinbase has enabled buying and selling of XRP for New York residents. Ripple's token was already available for trading for other users, but with New Yorkers now also able to buy XRP on Coinbase, Wall Street and other financial industry players based in New York have an easy way to start investing.

XRP ETN
On Monday, the second largest German stock exchange Börse Stuttgart announced the addition of a XRP ETN, next to a Litecoin ETN, exchange-traded notes. Both will be following the price of the euro and the Swedish Crown.

ETNs are unsecured debt security that tracks an underlying index of securities and trade on a major exchange. ETNs are similar to bonds but they do not pay interest payments. Instead, the prices of ETNs fluctuate, as Investopedia explains.

In an announcement, director of Blie Chips & Funds Trading at Börse Stuttgart, Jürgen Dietrich, said: "There is a lot of interest in cryptocurrencies. These ETNs will allow investors in Germany to track future price developments of the two cryptocurrencies Litecoin and Ripple (XRP) through exchange-traded securities for the first time."

Technicals were ready
With XRP staying behind for the first five months of 2019, many were waiting for the cryptocurrency to make a big move. As our technical analyst David Borman reported earlier this month, XRP was looking to exit the wedge it was in in May. This happened earlier today in the pump. The next price level could be $0,45, according to our new analysis.

The patience of XRP holders has been rewarded. What's next for XRP? Let us know your thoughts in the comments!

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