I’ve been a holder of XRP since early 2015 while studying Business Administration with an emphasis in Accounting. I was surprised to login to my Bitstamp account and see the value surge over the last couple of days. I started to wonder why, as I would not expect any type of increase until banks start exchanging large amounts of Fiat for XRP.
Poloniex XRP/BTC accounts for 71% of the 24 hour volume. My conclusion is that Bitcoin has been fairly consistent even with the denial of the Winkelvoss Bitcoin ETF. Bitcoin traders are not enjoying the volatility they once had. XRP and Ripple labs are finally starting to release more articles and do interviews. Thus these traders made a smart move by dumping BTC into XRP and are using these new articles as ammunition to pump XRP and hype a technology and vision that has been around since 2014.
This is to be expected because XRP has had a VERY consistent value over the last year. Those who converted early from BTC/XRP at $0.006 will likely ride the swings and get out before it goes back down to $0.009.
Make smart decisions people, there’s a lot of risk here when 82% of the volume comes from Bitcoin. When the Bitcoin division passes ripple will swing back down as people dump XRP for Bitcoin, and as other traders dump XRP to get into other “Animal Spirit” Cryptocurrency markets.