Benzinga | Nov 24, 2020 01:12AM EST

Silicon Valley Payments Company Ripple's Cryptocurrency XRP Up 133% In A Week

San Francisco-based Ripple Labs Inc.'s native ecosystem cryptocurrency XRP has added 132.88% over a trailing seven-day period at press time.

What Happened: XRP supports Ripple's blockchain-based payment network for financial institutions. Its surge comes amid overall cryptocurrency market strength.

Nevertheless, XRP has significantly outperformed Bitcoin (BTC) and other major digital assets. Bitcoin is up 9.96% over the same period at press time. Ethereum (ETH), the world's second-largest cryptocurrency in terms of market capitalization, is up 32.6% in the trailing seven-day period at press time.

What's Driving The Surge: Joseph Young notes for Cointelegraph that XRP's surge comes based on three factors, including an increase in unique XRP addresses, Ripple's buyback of its cryptocurrency, and reported plans for the launch of a new product.

Ripple reported repurchasing XRP worth 45.5 million in the third quarter this year. The company also filed a trademark with the U.S. Patent and Trademark Office for "Paystring," a product related to receiving and sending remittances, earlier this month.

Price Action: XRP traded 47.8% higher at $0.68 at press time early Tuesday.

Photo courtesy of Ripple