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Why Is XRP Price Shooting Up Today?

October 14, 2021 1:10 am
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Why Is XRP Price Shooting Up Today?

XRP traded 1.31% higher at $1.13 over 24 hours at press time.

What’s Moving? The cryptocurrency associated with Ripple Inc has appreciated 6.35% over a seven-day period.

XRP moved 1.52% and 2.38% lower against larger coins Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively.

Since the year began, XRP has run up 376.41%, while over 90 days, its gains stand at 84.48%.

At press time, XRP traded 70.56% below its all-time high of $3.84 that it touched in January 2018.

See Also: How To Buy XRP (XRP)

Why Is It Moving? XRP moved in tandem with major coins like BTC and ETH, which traded in the green at press time when the global cryptocurrency market cap increased by 2.87% over 24 hours to $2.38 trillion.

This week, Ripple announced a joint strategic ESG (Environmental, Social, and Governance) investment with Nelnet Renewable Energy, amounting to $44 million into one of Nelnet’s solar energy investment funds, as per a statement.

The majority of the investment would be funded by Ripple and create solar energy projects throughout the United States.

Meanwhile, brokerage firm Nash Markets said that “XRP seems to be bouncing off of" a very strong support level.

This could give XRP “the strength to break through range resistance and continue upwards correcting the previous massive drop to the key $1.41 level.”

XRP has also been riding the non fungible token, or NFT, wave as the project announced a $250 million creator fund to evolve NFT Utility.

Previously, Ripple Chief Technology Officer David Schwartz pointed to XRP Ledger’s ability to “maintain transaction fees” as a key point favoring the project.

Read Next: Elon Musk Responds To Dogecoin 'Squid Game' Meme, Backs Call For Nodes To Upgrade

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