Following the footsteps of the world’s largest cryptocurrency Bitcoin (BTC), the native digital currency of the blockchain payment technology giant Ripple has also surged high potentially. Over the past seven days, XRP has recorded an extremely bullish price rally of more than 130 percent. It is currently the largest weekly price gain in the cryptocurrency market posted by the third-ranked digital currency. XRP is also currently outshining the rest of the cryptocurrency market in terms of daily price gains as well.
XRP Turns Extremely Bullish
A few weeks ago, Ripple’s XRP was fighting for the $0.30 breakout which was considered to be a psychological level for the major digital currency. But soon, XRP was able to break this barrier thanks to the bullish rally of the top-ranked digital asset Bitcoin. As soon as, XRP broke above this price figure, it started moving in an upward direction like a rocket.
In a matter of days, XRP reached the bullish price mark of $0.50. By reaching this price level, the coin recorded its yearly as well as 16-month high. The upward surge did not weaken rather it grew further stronger in the next few days. It has crossed two major price resistances of $0.60 and $0.70 within the duration of just a few days. It skyrocketed to its yearly high of $0.76 earlier today on November 24.
Source: Trading View
XRP has now turned extremely bullish in the cryptocurrency market. And it seems that the coin is soon going to cross the figure of $1 which is considered to be the last barrier for the coin before retesting its all-time high value which stands at $3.84 made on the 4th of January in 2018.
At the press time, the price value of XRP has slightly corrected down below its new yearly high value and is currently trading at $0.65 with a price increase of more than 42 percent during the last 24 hours.
XRP Becomes the Third-largest crypto currency by market cap
Due to this price rally, XRP has also witnessed an increase in its market capitalization as well. XRP has added more than $12 billion into its market capitalization over the past few days. As per the data from CoinMarketCap, the market cap of the coin is now standing at around $29 billion.
With this, XRP has now a greater market cap than that of Tether (USDT and has overtaken the world’s largest stable coin to become the third-largest cryptocurrency in the world in terms of market cap. Tether’s market cap is standing at around $18 billion.
The coin is outpacing ETH and BTC in terms of daily and weekly price gains
Though the current market bull cycle was initiated by the leading digital currency Bitcoin, it has impacted the rest of the digital currency market very well especially XRP and ETH. XRP is now moving up at a greater pace than the flagship cryptocurrency.
In terms of daily as well as weekly price gains, XRP is outpacing the world’s two largest cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) at the moment. Daily price gains of BTC, ETH, and XRP are 1.57%, 5.07%, and 43.62% respectively at the press time. While on the other hand, weekly gains of these digital assets are 13.12%, 32.18%, and 122.31% respectively.