At press time, the world’s third-largest cryptocurrency by market capitalization is trading across exchanges at an average price of $0.37 – a six-week high and 13.60 percent gain from today’s opening price of $0.33, according to CoinDesk’s XRP Price Index (XPI).
XRP’s standout 24-hour appreciation makes it the best performer out of the world’s 50 largest cryptocurrencies by market capitalization, data from CoinMarketCap reveals.
The bullish price development for XRP follows multiple positive news events regarding distributed ledger startup Ripple, the founders of which created XRP. Most recently, US banking giant PNC became the latest to adopt Ripple’s xCurrent product to handle cross-border payments, though xCurrent itself doesn’t utilize XRP.
XRP is still a far cry from its all-time high, currently reflecting an 89 percent depreciation from the $3.48 price point set back in January (XPI). That said, the recent price action has surpassed multiple technical hurdles which has potentially opened the door for more growth ahead.
The broader market is also flashing green today with all of the top 10 cryptocurrencies by market capitalization reporting positive price developments. Notably, Cardano (ADA) and EOS (EOS) are both up more than 4 percent on a 24-hour basis.
Further, the total market capitalization of all cryptocurrencies is currently printing a value north of $203 billion, up $10 billion from its low point yesterday.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
XRP Image via Shutterstock