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The main reason behind Ripple’s spike is a variety of factors, spearheaded by Bitcoin’s recent surge in price.
Ripple’s own contributions cannot be undermined.
Blockchain Capital announced in March about an apparent funding, where they secured $150 Million dollars for both its IV LP fund and its Parallel Fund IV. It was then revealed that Ripple was behind the funding, investing a total of $25 million worth of tokens to the company. The company’s goal is to help blockchain start-ups as an incubator while exploring use cases for its in-house XRP ledger and interledger protocol. The interest of investors has been sky high and has fuelled the positive sentiments around Ripple.
Ripple’s price movements really picked up just after Santander’s recent announcement. The Spanish banking giant recently revealed that it is launching a brand new retail app for international payments, based on Ripple’s famed blockchain technology. This piece of news had an immense impact on Ripple’s price almost immediately, with the value jumping from a high of $ 0.548455 on April 11th to $ 0.644518 on April 12th. Santander has been implementing xCurrent, enterprise blockchain software based on Ripple. Since Santander is a powerhouse in the Spanish economy, investor sentiment was at an all-time high, which in turn fuelled Ripple’s drastic price change.
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