Ripple's XRP (XRP/USD) token has emerged as one of the best performers in the market today as it aims to cross $1,00 yet again.
According to our chart, the token traded at $0.86 at the time of writing, up from $0,72 in the past 24 hours. Overall, the market is showing a bullish trend with major cryptocurrencies performing strongly.
Ripple has been on the rise during last one week, after the fears of a massive sell-off in cryptocurrencies from US traders due to approaching tax deadline have proven overestimated.
Industry watchers suggest Ripple has gained a further boost after the largest cryptocurrency exchange Binance said it intended to add USD to crypto assets in the near future. Binance has indicated a plan to have users on its site access cryptocurrency assets directly via fiat which would make trading easier.
Today, however, Binance CEO Zhao ChengPeng has made a statement denying such plans. "We are working with banks (to potentially support fiat), but no plans for USD in the short term.. be careful around predictive "crystal ball" news", he tweeted.
While we can't predict the future, others keep attempting it on us. Both "news" are not accurate. We are working with banks (to potentially support fiat), but no plans for USD in the short term. No xvg or xpr involved. Be careful around predictive "crystal ball" news.
— CZ (@cz_binance) April 20, 2018
XRP peaked $3 in the beginning of January this year, but has plunged below $1 mark within just two weeks making the beginning of the year rather disastrous for the token and making it one of the worst performers during the first quarter.
However, several positive developments involving XRP have gained attention from the investor community and have somewhat restored the confidence in the token.
Yashitaka Kitao, CEO of Tokyo based SBI Holdings, has foretasted that Ripple would reach a staggering $10 before the end of this year, however, the $1 mark is more attainable, analysts believe.
Looking further ahead, there is a common belied that Ripple having multiple partnership with financial institutions could benefit from large investors taking another bull run in crypto markets in the near future.
By Jade Olafson