Ethereum and XRP prices have surged more than 10% over the last few hours signaling questions as to where this unusual market activity is coming from. Volume spiked on Bitfinex about the same time, bringing the price of the cryptocurrencies in question up across other markets.
There have been no major announcements or rumors about either cryptocurrency over the last day, leading traders and investors to be skeptical towards the rapid increase of price,
XRP has experienced some short-term hype surrounding the announcement from Sagar Sarbhai that xRapid would be going live within the 'next month or so,' on September 17. Given that this rapid increase in price of XRP has only happened in the last few hours it is unlikely that it is connected to this announcement.
Ethereum and XRP have both been hammered to the downside the last few months, more so than many other cryptocurrencies. There is potential that the extreme oversold conditions have triggered an abrupt corrective rally.
Ethereum is not usually affected by industry developments, being the second largest cryptocurrency it has a large ecosystem to draw upon. This increase in price and volatility in Ethereum suggests it is likely a group of investors pushing for a rally after Ethereum's fall from $220 to $190 yesterday.