Finally, some good news also arrives for XRP, the crypto created by Ripple over ten years ago.
Indeed, for some time now, the market performance of XRP has not been particularly interesting, but finally it seems to have unlocked.
Crypto news: Today’s increase of Ripple (XRP)
In recent days, the price of XRP was hovering just above $0.5.
This is a price level that has actually held since January 23rd, or almost a month.
In the past few days it had risen above $0.52, but between yesterday and today it has risen to $0.57.
Thanks to this small recovery, its market capitalization has increased by about three billion dollars in less than two days.
In fact, until two days ago it was about 28 billion, while now it has risen to 31 billion.
It is not a dramatic increase, but at least it interrupts the lateralization that has been going on for almost a month, while for example Bitcoin and Ethereum were already rising significantly.
The last 30 days
Compared to yesterday, XRP is gaining more than 4%, while Bitcoin is practically unchanged and Ethereum stops at +1%.
Furthermore, Solana is losing 2.5%, while BNB is gaining 3.5%.
These five are by far the largest cryptocurrencies by market capitalization, excluding stablecoins.
The situation changes, however, if you go back one week or one month.
Compared to seven days ago, the cumulative gain of XRP rises to 9.5%, but it is really nothing compared to the +21.5% of Bitcoin.
However, that 9.5% is more in line with the 11% of Ethereum, and this shows how it is actually Bitcoin that is driving the market at the moment, with altcoins following closely behind.
BNB is up more than 13% in the last seven days, while Solana stops at +7%.
So if compared to yesterday, XRP is the one that performs better among the top 5, but on the week its performance is not high.
On the contrary, if we go back up to 30 days ago, the price of XRP is actually lower by 0.5%, and this drop increases to 7% if we take the first of January as a reference point.
This gives a good idea of how much the price of XRP has suffered until two days ago, especially because for example Bitcoin is up +23% compared to thirty days ago and +24% compared to the beginning of the year.
Among the top 5, only XRP is showing a loss compared to the beginning of the year, with Ethereum, for example, recording a +24% which is very similar to Bitcoin.
The 2023 of XRP
The problem for XRP has been 2023.
While for example Bitcoin went from $16,000 to over $40,000, XRP only went from $0.34 to about $0.60. Although this can be considered a significant gain, it is widely inferior to that of Bitcoin.
For example, the price of Solana in the same period has gone from about $10 to over $100, making XRP’s results pale in comparison.
The curious thing is that 2023 was the year in which XRP won the long-standing SEC lawsuit that started at the end of 2020 when it was worth only $0.6, so basically during 2023 it only recovered the price level it had before the start of that lawsuit.
In other words, he took little advantage of the mini-bull run that started at the end of October, because he probably would have somehow recovered the $0.6 even without the mini-bull run.
However, it has at least won the comparison with BNB, Binance’s cryptocurrency that had some issues in 2023. In fact, during 2023, BNB only went from $244 to $317, reaching the lowest peak of the entire bear market of 2022/2023 in October, just above $200.
So XRP’s 2023 was good, but not exceptional, while on the other hand, some cryptocurrencies like Solana took advantage of it for a stellar 2023. It’s no coincidence that SOL surpassed XRP in market capitalization by the end of the year.
The 2024 of XRP and the latest crypto news on Ripple
Although it didn’t start off great, 2024 could still be another good year for Ripple’s cryptocurrency, XRP.
It is possible that the mini-boom of the last two days has definitively interrupted the stagnant trend of the last few years, even though the current price is still far away from last year’s July’s $0.82, reached after the victory against the SEC.
The problem is probably that the rise lasted very little and then abruptly stopped with a rapid descent to $0.5. Precisely $0.5 is the figure that has characterized the last months of XRP, although now it seems to be aiming at least for $0.6.
The fate of this cryptocurrency still depends heavily on that of Ripple, which has not yet fully resolved its legal issues against the SEC.
2024 could therefore be a positive year for XRP, but it could also be similar to 2023.
