Ripple’s XRP has risen enormously in recent days as the coin is finally starting to catch up with Bitcoin and the decentralised finance (DeFi) market.
Despite the fact that the token has not experienced any fundamental events, it is still exploding higher and seems to be unstoppable on its upward climb. The coin has risen by over 50 per cent in the last 24 hours alone, reaching a price of $0.75, the highest in many years.
According to market data, Ripple’s XRP is the most powerful crypto asset in the top 100 in the last 24 hours – apart from Stellar Lumens (XLM), the cousin of the third largest crypto currency.
The coin on Coinbase briefly rose to $0.92 – just Coinbase, and it appeared that the market makers for the XRP markets on the stock exchange had run out of money – or that they had withdrawn their orders to maintain their books.
On other exchanges, Ripples XRP reached only $0.80, which shows how absurd this rally has been.
WTF? Ripples XRP is pumping?
The rally of Ripples XRP has caught many traders with their proverbial pants down.
Many openly admit on Twitter that they did not expect such a move to come so soon. Now the coin has risen by more than 200 per cent since the beginning of the month and basically surpasses all other altcoins except some DeFi blue chips.
Industry researcher Larry Cermak comments:
„Coinbase’s 10 per cent price increase notifications for XRP have literally sparked spamming on my phone in the last 24 hours. I don’t know what to make of this. Stupid money is here“
Many see this as a sign that the retail investors who drove the last crypto-bull run have returned.
Ripple’s XRP was basically a dead coin until the last three weeks.
The token set a series of lower highs and lows until late 2019, early 2020 and even well into the summer. Many thought the crypto currency would never recover.
Stellar also flies to the moon
Stellar Lumens (XLM), the coin launched by Ripple co-founder Jed McCaleb, is also shooting up.
The two cousins have long been going on rally in tandem, both with the „X“ at the beginning of their tickers.
XLM has gained 70 percent in the last 24 hours, making it the best performing crypto asset in the top 100 by market capitalisation.
Like Ripple’s XRP, XLM was largely behind other top Altcoins such as Ethereum and Litecoin in recent weeks. Many see this share price action as a fall back to the middle.