The Ripple price increased more than 10% on August 29 following news that the FinTech startup had hosted prominent officials from the Chinese central bank.
Ripple Hosts PBoC Officials
One tweet: that’s all it took to ignite the Ripple price and add $1 billion to the XRP market cap. On August 28, Ripple announced that they had hosted a delegation that included academics, industry leaders, and officials from the People’s Bank of China (PBoC), the nation’s central bank. The presentation took place at the FinTech startup’s San Francisco headquarters and purportedly focused on the “latest blockchain trends.”
Yesterday’s tweet was the type of announcement XRP investors were hoping for, and they responded by pumping the Ripple price by more than 10%. The Ripple price rose as high as $0.236, although it has since dipped to $0.220. Nevertheless, this represents a 24-hour increase of about 11% and gives Ripple a market cap of $8.4 billion. Ripple is now just $1 billion away from retaking the 3rd place market cap ranking from bitcoin cash.