RIPPLE has rocketed in price by a whopping 17 per cent in just 24 hours as the digital currency rapidly approaches the $1 mark after a week of strong growth.
The cryptocurrency market is showing strong results this week, as Ripple continues on its bullish trend.
XRP has been steadily rising, posting strong charts after the US tax deadline.
The currency is worth $0.86 at the time of writing.
XRP has posted strong results since the passing of the US tax deadline on April 17, which had fuelled fears of a sell-off.
It is performing better than market leader Bitcoin, up only 1.35 per cent, while Ethereum was up 7.53 per cent, with both showing a bullish trend in the charts.
There had been fears of a large sell-off due to US households owing more than $25billion in capital gains taxes for cryptocurrency holdings.
Thomas Lee, Head of Research at Fundstrat Global advisors had warned of tax-related selling before a slow rise in the market shortly after.
But Ripple has performed well and gained a further boost from the news the largest cryptocurrency exchange Binance intends to add USD to crypto assets in the near future.
This means users can now purchase crypto directly via traditional fiat money without first having to buy digital currencies.
Ripple will benefit as one of the cryptocurrencies likely to be a frontrunner for the dollar pairing.
The price of Ripple currently stands at $0.77 and with prices now stable, many investors are wondering if XRP can reach $1 in the near future - something it has failed to do since March 5.
Yashitaka Kitao, CEO of Tokyo based SBI Holdings, has forecast that Ripple will reach a staggering $10 before the end of this year.
His company is seeking a partnership with SBI Ripple Asia for a new “Money Tapp App” which will facilitate mobile payments based on Ripple’s blockchain technology.
Although the $10 figure might still stand sky-high, other news suggests the $1 mark is attainable.
This includes the announcement that XRP has recently been welcomed on Dutch exchange AnyCoinDirect.