XRP Price Surges Over 8% in 24 Hours, Becomes Top-Performing Digital Asset
The price of XRP has experienced a significant increase of over 8% within the past 24 hours, making it the best-performing digital asset among the top ten cryptocurrencies.
Over the course of the past week, the token’s price has risen by more than 22%, accompanied by a surge in trading volume from $1 billion on Sunday to $2 billion, as reported by CoinGecko data.
Factors Contributing to XRP’s Rise
Ruslan Lienkha, Chief of Markets at YouHodler, identified several factors that are currently driving up the price of XRP. These include Ripple’s successful confrontation with the Securities and Exchange Commission (SEC) and its involvement in central bank digital currency (CBDC) projects worldwide.
Ripple recently celebrated the dismissal of all charges against its executives in an ongoing lawsuit filed by the SEC. Additionally, last week, the central bank of Georgia announced a partnership with Ripple for the development of a CBDC pilot project.
Lienkha also mentioned Ripple’s aggressive marketing strategies, collaborations on major CBDC projects with governments, and an overall bullish sentiment in the crypto market. However, it is important to note that XRP’s price has not yet surpassed its previous high in July.
XRP’s Rise Reflects a Broader Altcoin Rally
Lienkha clarified that while XRP’s recent price movement is notable, it is not unique considering the recent surge in altcoin prices. He explained that altcoins often experience delayed reactions to Bitcoin’s growth. CTF Capital analysts highlighted Ether’s recovery against Bitcoin as a positive sign for altcoins as a whole.
CTF Capital stated in an email note that this recovery could indicate a cascade effect, benefiting smaller assets similar to past bull cycles. It also reflects a positive sentiment towards the entire asset class beyond the narrative of ETF approval.
XRP’s Market Position and Retail Investor Engagement
As of 1:40 p.m. in New York, XRP was trading at $0.71 and has replaced BNB as the fourth-largest token by market capitalization, according to CoinGecko.
Data from Coinglass suggests that XRP’s gains were primarily driven by spot trading, with total liquidations in the past 24 hours reaching just over $6.5 million. This indicates strong engagement from retail investors during the current rally.
Hot Take: XRP Surges to Claim Top Spot Among Cryptocurrencies
XRP has experienced a significant surge in price, making it the best-performing digital asset among the top ten cryptocurrencies. Factors such as Ripple’s successful legal battles and involvement in CBDC projects contribute to its rise. This increase is part of a broader altcoin rally, reflecting positive sentiment towards the entire asset class. XRP’s market position has also improved, surpassing BNB in market capitalization. The surge in XRP’s price is largely driven by spot trading, indicating strong engagement from retail investors during this rally.
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