The third-largest digital currency, XRP, has gained nearly 20% over the past 24 hours, benefiting from a strong market sentiment and a couple of recent positive developments.
XRP soars on Tuesday morning
The digital coin traded mostly sideways yesterday, hovering around the $0.32 mark. The coin did experience some positive action during the final hours of the session, when it managed to rise to as high as $0.33. The coin eventually finished the session at $0.325, up from its opening price of $0.310.
XRP surged sharply during the opening hours of today’s trading, rallying toward the $0.40 mark. The coin hit a near five-month high of $0.394, as part of its early surge. Its advance has cooled down in subsequent trading and the coin is currently hovering around the $0.385 mark.
XRP’s advance has coincided with a strong uptrend, observed across the broader digital currency market. Most major altcoins, including Ethereum (ETH), Litecoin (LTC) and EOS have seen significant gains over the past 24 hours. Meanwhile, the original cryptocurrency, Bitcoin (BTC), has broken above the $8,000 mark for the first time since late July.
The coin’s performance might have received an additional boost from yesterday’s news that Börse Stuttgart (SWB), Germany’s second-largest stock exchange, has listed exchange-traded notes (ETNs) based on XRP and crypto rival Litecoin. As reported by industry website Cointelegraph, the ETNs can now be traded against the euro and the Swedish krona.
Online publication Coindesk separately reported that the largest US crypto exchange, Coinbase, had launched trading support for XRP for New York state residents. The exchange announced yesterday that “New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on Coinbase.com or using our iOS and Android apps”. The announcement has provided an extra boost for XRP, helping it to become the best performing major coin in the past 24 hours.
In today’s trading, the XRP price stood at $0.383, as of 14:14 BST. The digital coin has gained 19.4% in the past 24 hours. Its total market capitalisation currently stands at $16.1 billion.