If last November was Bitcoin 1.0’s time to shine, as BTC and its alts rose multifold, this year’s November is Ripple’s (XRP) and Stellar’s (STR) turn.
Not that they’re seeing the likes of 400%+ gains this month or necessarily near record highs (STR is, XRP isn’t). But they have vastly outperformed an otherwise mediocre market this month. XRP is now up 200% over the past 2 weeks alone, bringing total gains to 600% since July. It has added another 30% during the past 24h, bringing it to 3500 satoshi ($0.013).
XRP’s rival STR has added another 75% to 910 satoshi after trading as high as 1060 ($0.0039), challenging record highs reached soon after launch and again in September. At its peak, it had added over 200% since bottoming near 300 satoshi just over one week ago.
ACY Securities Supports ASIC’s Product Intervention OrderGo to article >>
The two cryptocurrencies, along with Counterparty, are the only ones among the top 11 that are positive today. The Bitcoin 1.0 crowd is down across the board (save for litecoin which is hovering at about break-even). XRP has the second highest traded volume, the equivalent of over $4 million, while STR ranks 5th in this regard ($333,000).
STR’s gains have catapulted it past both Darkcoin and Namecoin into 9th spot in market cap rank, worth $12.4 million. The jump also sends Namecoin into 11th, now out of the top 10 for the first time in recent memory. XRP’s market cap is now over $400 million, over 3x that of Litecoin.
The precise catalyst for the price movements remains unclear. News of Justcoin’s revival, a major trading hub for the two, by ANX’s bitcoin exchange may have fuelled optimism about their future. Fundamentally, however, it’s difficult to explain how this increases their intrinsic value. Either way, today’s steep gains are likely a result from the cyclical effect of traders piling onto the bandwagon hoping the rally will continue.