Ripple (XRP) Up 25% in 24 hours; Surpasses $0.50 mark

News / 23.11.2020

Ripple (XRP) has joined the bullish run that has engulfed the crypto market since October. The popular altcoin peaked today at $0.53, its highest price since 2019. It is also the best performing major crypto asset of the week, with a price rise of 83% during this period.

Ripple Experiencing A Renaissance

The recent bullish trend for Ripple has been remarkable and shows that the coin is gaining relevance among traders. Ripple began the past week, struggling within the $0.3 resistance mark. Last Monday, It broke through to start the bullish rally and has not looked back. XRP surged past resistance levels, including the $0.400 and $0.4500 mark during the week, and attempted to test the $0.50 mark over the weekend but retracted to below $0.4650.

The last 24 hours have been massive for the coin as it has gained a 25% increase in its value during this time. At the time of writing, XRP is valued at $0.51 and its marketcap at $22 billion. The current bullish run for XRP could result from the recent movements of the coin between various exchanges. The past week has witnessed a series of exchanges of XRP between top exchanges, including Huobi and Binance.

Korean exchange Bithumb moved more than 130 million XRP in two transactions. The total amount of XRP transferred from these exchanges in the past 24 hours exceeds 300 million XRP. Meanwhile, the crypto market is still largely in the green, led by Bitcoin. The leading cryptocurrency is currently valued at $18,371, with a market dominance of 62.8%. Ethereum has been mooning in recent days and is valued at $585 and an increase of 10% in the past 24 hours.

Industry Leader In Cross Border Payments

Ripple is regarded as one of the top cryptocurrency platforms and is the major leader in cross border payments. Several financial institutions have adopted its payment solutions in recent years. This is due to its payment processing network that offers quick payments and low transaction fees.

The Ripplenet program has over 100 firms as members who utilize various Ripple based solutions for cross border payments. Some of the members include top banks like Santander and the Bank of America. The current bullish rally has excited its community that the XRP token can hit major milestones in the coming days.

 

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.