XRP Price Surges 14% in Strong Bullish Trade

XRP Sees Significant Daily Gain

XRP recorded a substantial price increase, trading at $1.4810 on the Investing.com Index. The cryptocurrency climbed 14.38% on the day, marking its largest single-day percentage gain since February 6.

Market Overview

The upward movement boosted XRP’s market capitalization to $88.0326 billion, which constitutes 3.78% of the total cryptocurrency market cap. In the preceding 24 hours, XRP traded within a range of $1.1224 to $1.4821.

Despite this daily gain, XRP has experienced a value drop of 17.96% over the past seven days. The trading volume for XRP in the last 24 hours was $14.4907 billion, representing 4.60% of the total volume for all cryptocurrencies. In the broader market, Bitcoin was trading at $68,173.4, up 1.05%, while Ethereum gained 0.83% to reach $1,977.49.

Price Analysis and Impact

The surge in XRP's value reflects renewed investor interest, as indicated by the significant trading volume. This movement has repositioned its standing within the total crypto market capitalization. Bitcoin's market cap stood at $1,360.6017 trillion, or 58.42% of the total, while Ethereum's market cap was $238.7413 billion, or 10.25%.

At its current price, XRP remains 59.49% below its all-time high of $3.66. The coin's highest recorded market cap was $210.6006 billion.

Summary and Outlook

XRP's sharp one-day rally contrasts with its negative performance over the past week, highlighting the token's recent volatility. Market participants will be closely monitoring whether this bullish momentum can be sustained amid broader cryptocurrency market movements.

FAQ

Q: How much did XRP's price increase on the day?

A: XRP's price rose by 14.38%, reaching $1.4810.

Q: What was the effect on XRP's market capitalization?

A: The price increase pushed XRP's market cap to $88.0326 billion, making up 3.78% of the total crypto market.

Q: How did Bitcoin and Ethereum perform during the same period?

A: Bitcoin saw a 1.05% gain to trade at $68,173.4, and Ethereum increased by 0.83% to $1,977.49.

Source: Investing.com