coincodex.com
Key highlights:
- XRP gained around 48% in the last 24 hours
- The coin is now trading above $1 for the first time since February 2018
- XRP is one of three coins in the crypto top 10 that haven't set a new all-time high in the 2020-2021 bull run
XRP reaches $1 in massive price spike
The XRP cryptocurrency hit the $1 price level for the first time since 2018, thanks to a strong rally in the last three days. On April 4, XRP established support at around the $0.60 level, and the coin cracked $0.70 on April 5. This was enough to send the coin flying, and XRP quickly made its way towards $1 in less than 48 hours.
The last time XRP was trading above $1 was in late February 2018. The coin posted an all-time high of $3.9 after an explosive rally in January 2018, but retraced sharply. XRP was also an underwhelming performer in 2019 and the majority of 2020.
XRP, Litecoin and Stellar are the only 3 coins in the cryptocurrency top 10 that haven’t reached a new all-time high in the 2020-2021 crypto bull run.
XRP jumped to the fourth spot in the cryptocurrency market cap rankings, surpassing Polkadot and Cardano on the way. Regardless, the rankings are still very close and the 4th spot will definitely be contested – XRP currently has a market capitalization of $43.3B, while DOT and ADA are sitting at $40.0B and $38.7B, respectively.
Even though XRP is up a whopping 48% in the last hours, there doesn’t appear to be any major news connected to XRP that would explain the sudden price spike. Ripple, the company that’s at the forefront of the XRP ecosystem, recently announced that it purchased a 40% stake in Southeast Asia-based remittances firm Tranglo. However, it would be hard to argue that this news had a significant impact on the XRP market.
With today’s surge, XRP has erased all the losses that resulted from the SEC lawsuit against Ripple, which was announced in December. The news caused a massive sell-off in the XRP market, which was exacerbated by multiple exchanges announcing that they would delist the coin. In the sell-off, XRP fell as low as $0.20.
Alongside XRP’s rally, many other altcoins are also performing well at the moment. The positive momentum has allowed the cryptocurrency market cap to almost reach $2 trillion. XRP is the cryptocurrency top 100’s best performer in the last 24 hours, while Bitcoin Gold, Fantom, Tezos and NEO complete the list of the top 5 gainers.