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With the resurgence of the cryptocurrency market, the leading cryptocurrency Bitcoin (BTC) surpassed the $28,000 price levels yesterday. Following the upward trend in the market, XRP reversed its direction and started trading at around $0.53, gaining nearly 3% in the past 24 hours.
Crypto Market on the Rise
The cryptocurrency market experienced a resurgence following the announcement of Grayscale’s victory in the SEC case. The leading cryptocurrency Bitcoin (BTC) briefly surpassed the $28,000 price levels yesterday. Many cryptocurrencies with high market value also experienced rapid growth due to the increase in value of BTC. According to CoinMarketCap (CMC) data, the total market value of the crypto industry reached $1.09 trillion.
Furthermore, several cryptocurrencies have shown strong upward momentum and recorded double-digit percentage gains. Stacks (STX), Bitcoin Cash (BCH), Toncoin (TON), THORChain (RUNE), and Eos (EOS) were among the cryptocurrencies with high market value that experienced the highest percentage losses in the past 24 hours, according to CMC data.
What is the Latest Situation with XRP?
Compared to many cryptocurrencies with high market value that have experienced significant losses in recent weeks, XRP has shown relatively lower price performance. According to CMC data, XRP has lost nearly 25% in the past month and briefly dropped below the $0.5 support level last week. Although XRP managed to briefly rise above the $0.5 level again, it has not yet surpassed the $0.55 level.
Moreover, with the upward trend in the cryptocurrency market and the influence of the value increase in the leading cryptocurrency BTC, XRP has also started to rise again like most altcoins in the market. In the past 24 hours, XRP has gained nearly 3% and started trading at around $0.53, approaching the critical $0.55 resistance level.
Furthermore, the trading volumes in the cryptocurrency market have significantly increased with the market’s upward movement. According to CMC data, XRP’s 24-hour total trading volume has increased by nearly 110%.
