Ripple’s XRP Suddenly Soars, Boosting Bitcoin, Ethereum, Bitcoin Cash, And Litecoin—Here’s Why

Ripple's XRP, currently the world's third biggest cryptocurrency by market value behind bitcoin and ethereum, has suddenly soared, jumping by around 10%.

Ripple's XRP lead the market higher today, up around 10% while bitcoin cash added some 5% and ethereum 3%. Bitcoin, usually the main crypto market mover was relatively unchanged, up by some 1% along with its rival litecoin.

XRP's sudden surge higher comes after bitcoin and cryptocurrency exchange Binance, the world's largest crypto exchange by volume, announced it will be adding Ripple's XRP and the stablecoin tether as a futures trading pair.

Binance adds XRP futures to three other tether-tied contracts—bitcoin, bitcoin cash, and ethereum.

The XRP tether contract offers leverage of up to 75 times, according to Binance.

The sharp rise in the XRP price comes on the back of comments made by Ripple chief executive Brad Garlinghouse late last year playing down suggestions Ripple is selling off large amounts of XRP and claiming Ripple "can’t control XRP price."

Garlinghouse also denied that Ripple, which owns some 60% of XRP tokens, could move the XRP price.

"Ripple can’t control the price of XRP any more than the whales can control the price of bitcoin."