Bitstamp, one of the top crypto exchanges, unveiled a noteworthy initiative today. The company has declared its intention to provide enhanced Annual Percentage Yields (APY) on a diverse range of cryptocurrencies, encompassing Ethereum (ETH), XRP, Tether (USDT), Bitcoin Cash (BCH), and Litecoin (LTC).
In an official blog post, the exchange announced the launch of its “Earn Lending Promo” for the month of September, a remarkable opportunity that promises an extraordinary APY of up to 6% on select cryptocurrency assets.
The crypto industry places a premium on yield, making this move by Bitstamp particularly noteworthy. For a limited period of 30 days, the exchange is set to introduce this lucrative offer, allowing users to benefit from chosen digital assets.
This initiative showcases Bitstamp’s commitment to providing its customers with competitive opportunities and solidifying its position as a leading player in the cryptocurrency exchange space.
The boosted APY offering for XRP by Bitstamp is a significant development, especially considering the recent events surrounding the cryptocurrency. In July 2023, Bitstamp, along with other major exchanges, relisted XRP.
XRP Price Shows Signs of Recovery
However, the cryptocurrency has shown signs of a gradual recovery following this latest development. As of the latest available data, XRP is currently trading at $0.481406, boasting a 24-hour trading volume of $907,446,035.
Over the past 24 hours, the coin has experienced a modest increase of 1.06%. These figures contribute to XRP’s current CoinMarketCap ranking of #6, with a market capitalization of $25 billion. Additionally, there is a circulating supply of 53,083,046,512 coins and a maximum supply of 100,000,000,000 coins.
Regarding price predictions, the technical analysis suggests a bearish trend in the long term. It is anticipated that the price will experience a decrease of approximately $0.00122 over the next 7 days, potentially reaching $0.47941 by September 21, 2023.
In the short term, machine learning algorithms have detected a bearish trend for XRP. It indicates that investors should be prepared for a slight decrease in the value of XRP over the coming hours.