XRP’s market capitalization surpassed $20 billion as the cryptocurrency sees an increase in value amid a broader market rally
The market cap of XRP, the controversial cryptocurrency tied to San Francisco-based distributed ledger company Ripple, has topped $20 billion. The token has gained nearly 5% in the past 24 hours alone.
This increase in value comes amid a broader rally in the cryptocurrency market, with Bitcoin (2.41%), Ethereum (1.62%), BNB (0.72%) and Cardano (1. 62%) also registering gains.
The price of XRP has steadily increased over the past week. This recent price surge has brought XRP near a horizontal resistance level, which is a technical analysis concept referring to a price level at which a cryptocurrency’s upward momentum is expected to encounter strong selling pressure.
This week, investors are showing a preference for cryptocurrencies due to the ongoing banking crisis. The fact that crypto prices are holding up and Bitcoin’s correlation to stocks is currently at its lowest point in months has caused a shift in perception of the fledgling asset class.
Bitcoin and Ethereum, in particular, posted double-digit gains following the failures of Silicon Valley Bank and Signature Bank over the weekend.
The recent rise in cryptocurrency prices, including XRP, has been fueled in part by speculation that the US Federal Reserve is suspending rate hikes.
Since Silicon Valley Bank shut down on March 10, Bitcoin has risen more than 35%, outperforming other major assets and catching investors’ attention despite warnings of overbought conditions.
As XRP’s market capitalization crosses the coveted $20 billion mark, investors and traders will be watching the cryptocurrency’s performance closely to determine if it can maintain its upward momentum and breach the resistance level. horizontal.