In an unexpected turn of events, Ripple’s native cryptocurrency, XRP, has made a dramatic comeback, surging over 20% on Monday and breaking its downward trend against bitcoin (BTC) as the broader crypto rally gains momentum.
According to Coingecko, XRP’s value skyrocketed to $0.74 within just over an hour on Monday afternoon UTC, marking its highest price point since last November’s fleeting spike, which was fueled by rumors of a potential BlackRock-managed XRP ETF. This impressive 20% increase has crowned XRP as the top performer on the broad-market Coingecko, which itself rose by 5%.
Source: Coingecko
While bitcoin has been shattering its own record highs and other sectors of the cryptocurrency market, including meme coins and AI tokens, have seen substantial gains, XRP had been noticeably missing from the rally. Data from TradingView indicated that prior to this surge, XRP had fallen to a three-year low when compared to bitcoin. Despite the afternoon’s significant leap, XRP’s year-to-date increase is a modest 17%, lagging far behind BTC’s robust 64% growth.
The rally in XRP may signal a shift in trader focus, with capital rotating towards tokens that have yet to participate in the ongoing digital asset market rally.
In a similar vein, other established cryptocurrencies like litecoin (LTC) and dash (DASH), which had been underperforming in recent months, also experienced notable gains over the last 24 hours, climbing 18% and 9%, respectively. Other notable risers included Avalanche’s AVAX, Polkadot’s DOT, and Cardano’s ADA, which saw increases ranging from 8% to 13% throughout the day.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (187,134,686 USD) transferred from #Binance to unknown wallethttps://t.co/n6uoHsu3BZ
— Whale Alert (@whale_alert) March 8, 2024
Despite the lack of an immediate catalyst for XRP’s price movement, large-scale token transfers from the cryptocurrency exchange Binance have sparked speculation among market watchers. Whale Alert, a blockchain data monitoring service, reported a significant transaction involving the transfer of 300 million XRP, valued at approximately $187 million at the time, from Binance’s address to an unidentified wallet.
Source: https://azcoinnews.com/ripples-remarkable-rally-xrp-soars-20-outshines-bitcoin.html
