The token is up by a whopping 190% over the past week, with its market cap swelling to $17.3 billion. The token is also up 600% over the past three weeks.This would be a remarkable achievement for the O.G. altcoin, which is normally off the radar for most market participants.Earlier this week, the price of XRP experienced a sharp rally, surging to a multi-year high of $1.6 after SEC Chair Gary Gensler announced his upcoming resignation.
A few months ago, Ripple CTO David Schwartz admitted that he had no idea what was causing this price correlation. "I genuinely don't know. The thing that I think is most likely is that both prices are driven primarily by factors completely outside their ecosystems," Schwartz said. Schwartz previously suggested that both XLM and XRP are being put in the same mental bucket due to their history."I don't believe some kind of manipulation or evil force is somehow making them track. That seems kind of crazy to me," he added.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.
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