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The price of the XRP token has reclaimed a crucial level after a tremendous 50% drop. Does XRP have room for growth?
XRP back above $1
Today, in the early morning hours (UTC timezone), the XRP token spiked to a level unwitnessed since the mid-May massacre. On some spot exchanges, it briefly touched the $1.05 mark.
At press time, the XRP price has retraced slightly. It is changing hands at $1.01 on major spot cryptocurrency trading platforms.
Other large-cap altcoins are also in the green zone, but XRP remains the only token from the premier league that has managed to print double-digit gains today.
Binance Coin (BNB) is also performing well: a rapid five percent price spike allowed it to leave Cardano (ADA) in the dust in terms of market capitalization.
Are retail holders still buying the dip?
With a market cap of $53.49 billion, Binance Coin (BNB) has reclaimed the position of third-largest altcoin.
The Bitcoin (BTC) price added 3.15 percent and is struggling to hold above $37,000. Retail investors may be behind this upsurge as a record-breaking amount of USDT was sent to exchanges.
Analyst Lex Moskovski noticed that the number of small USDT deposits on Binance (BNB) printed an all-time high. His Twitter audience agreed that it may contribute to the upsurge of volatility.