Although the cryptocurrency market has started picking up again, Ripple prices have been simply soaring. So the question on every body’s lips is; why is Ripple doing so well?
Prices have shown that the third most popular cryptocurrency is creeping closer to $1, after prices jumped 18.9% in just one day. These are similar to the gains that were seen late last year, when the token was trading for more than $2.
At the moment, Ripple is being shown as the top performer in the market, with Bitcoin rising 3.32%, Ethereum trading at nearly $600, and Bitcoin Cash increasing by 13.64%. This has left the market feeling very positive; a much needed feeling after the poor performance that has been seen this year alone. It is thought that many cryptocurrencies have peaked after the US tax deadline, although this rise is set to continue.
The increase in prices has led to high profile Wall Street investors dipped their toes into the cryptocurrency market. It was also confirmed that the Chief Financial Officer at Wall Street’s Och-Ziff Capital Management has left their position to become the CFO at Coinbase; a major crypto wallet and cryptocurrency exchange. Speaking of this new member of staff, the CEO and founder of Coinbase, Brian Armstrong, said;
“[We are] incredibly excited to have Alesia join Coinbase as our new CFO…She brings deep financial services experience to our growing company. As a fintech company, finance is core to everything that we do. We plan to continue bringing the best and brightest from both finance and technology companies to help create an open financial system for the world.”
This comes at a similar time that a former Goldman Sachs employee has also joined the cryptocurrency market, joining the crypto wallet Blockchain.com in order to help them to attract more institutional clients. This is not the first Goldman Sachs employee to leave either. Just last week an employee left to join Mike Novogratz’s crypto merchant bank.
Fundstat’s Tom Lee previously predicted that there would be a massive sell off in cryptocurrencies before the tax deadline in America, and this is in fact what has caused the slump this year; however, when he asked his Twitter followers what he thought the price of Bitcoin would be in July, it saw that the majority of voters saw it reaching above $12,000, tweeting;
“CRYPTO POLL: Final tally (thank you for voting!)…64% see #BTC > $12,000 by mid-year. While we have no baseline (is this contrarian or confirming), multiple and growing arguments for why Bitcoin > $12k by Summer. Tax issue done. Headline risk fading. Major investor coming.”