Ripple has enjoyed a week of massive gain, with the price of XRP going up as high as 75% above its opening price on Friday. At one time during Friday trading session, the price of XRP rallied to a peak of $0.77. This represented a 75 percent increase from its initial opening prices of $0.45
For several hours, Ripple briefly dethroned Ethereum as the world’s second largest cryptocurrency by market capitalization. This is all thanks to a surge in investors’ interest who rallied to push the price up. At the time of writing this report, total Market cap for XRP was $23 billion, one of the highest level seen since June 10th.
At the moment, Ripple’s short reign as the second largest cryptocurrency by market capitalization has come to an end as XRP has returned to its former position as the world third largest cryptocurrency.
During its surge, Ripple surpassed multiple milestones which has not been seen since the famous Bull Run witnessed in 2017. During Friday’s trading session, XRP/USD posted its most trading volume since January 14th on Bitfinex. More so, today’s price high of Ripple marked a 192% growth in price, a performance that hasn’t been seen since December 2017. This price surge allowed ripple to reach its highest price since May 10th
Regardless of its gains so far, XRP is still 84 percent short from its all-time high of $3.48 set in January, but with technical charts pointing to an imminent bullish run, price could soon chart its way back to those heights.
While XRP enjoyed the biggest gains during the week, the entire cryptocurrency market also enjoyed some unprecedented gains. As at the time of writing this report, all of the top cryptocurrency where enjoying gains with an average of 17.67 percent gain.
With this boost in price, the total capitalization of the cryptocurrency market has increased by more than $20 billion in the last 24-hours. Total market cap currently stands at $224.1 billion.