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The price of XRP hit a new all-time high today, rocketing past the key $3.30 mark. After almost seven years, what seemed like an impossible burden has now been broken, and XRP is currently in what some might call price discovery mode.
Interestingly, the price of XRP has not soared in line with the rest of the crypto market but in contrast to it. In the last few hours, the popular alternative cryptocurrency has seen its prices literally tear apart its main rivals in the face of Bitcoin (BTC) and Ethereum (ETH), with a stunning 16% rise from today's lows against both leading cryptocurrencies.
As a result, the price of XRP reached a valuation of 0.000033 BTC and 0.00099 ETH. This is still far from the all-time highs against both Bitcoin and Ethereum, with up to 657% and 269% room for growth, respectively.
What does this mean for traders and investors?
XRP's breakout is definitely something to keep an eye on, even if you do not like the token. While the cryptocurrency's rise is impressive, how it continues and whether it can hold these gains will be closely watched. Beyond the numbers, this breakout points to bigger changes, both in the XRP ecosystem and the wider crypto world.
Where will all this liquidity go after a turnover in XRP? Into beta plays like HBAR or XLM? Or perhaps the rest of the altcoin spectrum can enjoy some of the new money flows?
Consider too that XRP's dominance on the crypto market is now estimated at 5.5%, and that figure was down 77% in October alone. Thus, we will definitely see some sort of reallocation, but when and where remains an open question.