The price of XRP, the native cryptocurrency of Ripple’s network appreciated significantly over the last 24-hour trading cycle to reach $0.24 a coin — the highest level since March. XRP’s rally comes at a time when other cryptocurrencies are rallying amidst a market resurgence.
The impressive rally has seen XRP taking back the third spot from Tether (USDT) stablecoin.
XRP Bulls Aim For New Yearly High
Earlier in the day, XRP surged over 10% to hit $0.24. This level was last seen in March before the coronavirus-fuelled meltdown. In comparison, bitcoin rallied a modest 0.58% over the same timeframe and ethereum gained 1.23% against the US dollar. At press time, however, XRP has retraced slightly to $0.2387.
XRP, the now third-largest cryptocurrency, has gained 16% on a weekly basis as its monthly gains amount to 35%. Interestingly, this makes XRP one of the best performing digital assets in the crypto markets this month.
XRP’s bullish breakout comes as bitcoin continues its uptrend after recently jumping above $11,000. While XRP was late to the party in this recent rally, the digital asset seems to be coming alive.
In general, it appears that most top ten cryptocurrencies are finally breaking out of their long-term downtrends. Combined, cryptocurrencies currently have a total market cap of 328 billion.
What Lies Ahead For XRP?
Despite the recent rally, XRP is still the worst-performing large-cap crypto this year so far. While bitcoin has gained over 52% since the beginning of the year, XRP is up by only 23%. Even more outstanding is Cardano’s (ADA) over 320% yearly gain on the back of the long-awaited Shelley upgrade.
An analyst has noted that XRP bulls need to “step up the gas” or risk a steep correction.
In the meantime, investors should look out for the 0.2400 level. Defending this level with an iron fist will invalidate the bearish outlook, as TraderSmokey suggests.