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XRP has peaked in 16 months, leading a pack of cryptocurrencies all benefiting from Bitcoin’s rally to historic highs.
XRP, the native asset of XRP ledger, developed by payments-focused blockchain company Ripple Labs, climbed to $ 0.437564 before declining to $ 0.413853 at the time of publication, hitting the price highest since July 2019, according to The CoinDesk 20.
The third-largest cryptocurrency by market value has gained more than 33% in the past 24 hours, extending the gain since the start of the year to 116%.
Other alternative cryptocurrencies such as ether, litecoin, cardano, SV bitcoin, EOS, tezos, and tron are also flashing green. Most of these coins have gained bullish momentum over the past few days, apparently following Bitcoin’s rapid move towards the record high of $ 19,783 reached in December 2017.
“Altcoins are high beta assets and generally move in the same direction as bitcoin, but more”, trader and analyst Alex Kruger tweeted Friday. According to Kruger, alternative cryptocurrencies can be viewed as leveraged Bitcoin games.
Bitcoin, the number one cryptocurrency by market cap, has seen a sharp rise from $ 10,000 to nearly $ 19,000 over the past eight weeks.
At the currency price of $ 18,736, bitcoin is just over 5% from setting a new lifetime high, while XRP is still down around 89% from its all-time high. of $ 3.84 established in January 2018, according to data source Messari.
XRP and other altcoins may also rise in response to a rule proposed by the U.S. Office of the Comptroller of the Currency that would prohibit banks from blacklisting legal industries – including, presumably, cryptocurrency firms. The proposed rule is probably good news for space companies, which have long struggled to obtain or maintain bank accounts in the United States.
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