The price of XRP has just gained 10% in the last 24 hours to reach its highest value since early March this year. The move extends almost a month of near-constant growth for the cryptocurrency, which started the month at just $0.175.
At its current value of $0.24, XRP is now up 17.7% in the last week and 36% in the last month, making it one of the strongest performers in the short term.
It has, however, seen its daily average trading volume decline considerably since February 2020, collapsing from a peak of $6 billion in XRP traded per day, down to under $800 million per day just last week. While this has picked up slightly in the last week, it has only reached just north of $2 billion in 24-hour trading volume.
The rally appears to be a delayed reaction to Bitcoin’s recent break above $11,000. Overall, every cryptocurrency in the top ten by market capitalization is now strongly in the green over the last week, with an average gain of 17.3% seen across the board. But while XRP’s price didn’t move much initially, it has now jumped up ahead of the rest.
XRP is still one of the worst-performing large market cap cryptocurrencies this year. Overall, XRP has gained just north of 24.1% since the start of the year, which, although a significant gain, falls short of the 53.4% gained by Bitcoin, 146.7% gained by Ethereum, and 328% gained by Cardano (ADA) over the same period. It has performed the worst out of the top 10 cryptocurrencies by market cap this year. Or has it just been biding its time?