XRP Continues Rally Amid Broader Crypto Market Drop

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XRP Continues Rally Amid Broader Crypto Market Drop

Last updated on May 18th, 2024 at 12:27 pm

Ripple’s XRP token has continued its price rally outperforming most cryptocurrencies in the last 24 hours amid a broader crypto market slump. The price of XRP skyrocketed last Thursday following a win in the ongoing lawsuit against the SEC.

Over the last 24 hours, XRP has gained 4.67% according to data from CoinMarketCap making it the best performer among the top 25 cryptocurrencies in the market. Meanwhile, despite losing some of its gains since the ruling,  XRP still maintains a 64% growth over the last 7 days.

As a result, XRP reclaims its position as the fourth-largest cryptocurrency by market cap, surpassing BNB which has been affected by a number of negative news regarding the Binance exchange.

The Crypto Market Index, which tracks the performance of the larger digital asset market, on the other hand, has erased all of its Thursday gains, registering a 0.5% decline over the same time.

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The two largest cryptocurrencies by market cap – Bitcoin and Ethereum, have dropped lower than their previous level in the past 7 days, trading at $29,000 and $1900 respectively.

Related Reading: Cardano Founder Celebrate Ripple’s Lawsuit Win Over SEC

Also, other popular cryptocurrencies like Cardano (ADA), Polygon (MATIC), and Solana (SOL) have dropped to the level they were trading before the XRP ruling despite enjoying a significant price rally as a result of the good news.

Furthermore, David Lawant – head of research at FalconX, stressed that the inclusion of XRP in digital asset funds could cause a rally in the price of the token even though the rush to purchase XRP has reduced since the ruling.

“Index funds are one potential source of additional institutional flow I’m still watching,” Lawant said.

Ripple (XRP) price today

Meanwhile, live data from CoinMarketCap shows that XRP is currently trading at $0.7. The price of XRP is up 4.67% in the last 24 hours. What’s more, XRP is ranked #4 on the CoinMarketCap chart with a live market cap of $40.9 billion. Finally, XRP has a circulating supply of 52,544,091,958.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.