Benzinga - Ripple (CRYPTO: XRP) experienced a surge in value on Tuesday, witnessing a spike of over 20% outperforming Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) in the last 24 hours.
What Happened: XRP climbed to $0.74, while BTC and ETH were up 2-4% in the last 24 hours.
XRP's leap marked its top price point since its all-time high in November, which was fueled by rumors of a potential XRP Exchange-Traded Fund (ETF) managed by BlackRock. Monday’s surge positioned XRP as the highest gain performer across the broad market, which itself saw an overall increase of 5%.
XRP had been relatively quiet during a period of record-breaking highs for Bitcoin and substantial gains in specific sectors of the crypto universe, such as meme coins and AI-themed tokens.
The surge in XRP’s value is seen by some as an indication of traders shifting their focus to cryptocurrencies that have yet to participate in the market rally.
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Why It Matters: In the absence of a directly identifiable trigger for the sudden price movement of XRP, attention was drawn to significant token movements from the crypto exchange firm Binance.
Data from blockchair.com shows a transfer of 300 million XRP, valued at about $187 million at that moment, from Binance to an anonymous wallet.
The said transfer was soon followed by several large transactions, each moving 18 to 19 million XRP from Binance to various other addresses.
Meanwhile, pseudonymous analyst Rekt Capital said XRP’s potential market movement said, “Could XRP finally breakout from its macro pattern (blue dashed trend lines)? Doing so successfully would see #XRP revisit the black diagonal resistance closer to $1.”
If XRP were able to break through these trend lines, the analyst suggests that it could approach a higher resistance level, indicated by a black diagonal line on the chart, which could potentially lead the cryptocurrency’s value to move close to $1.
$XRP / USD – #RippleCould XRP finally breakout from its macro pattern (blue dashed trend lines)?
Doing so successfully would see #XRP revisit the black diagonal resistance closer to $1#BTC #Crypto #Bitcoin pic.twitter.com/bs3sHNLCLq
— Rekt Capital (@rektcapital) March 11, 2024
Price Action: At the time of writing, XRP was trading at $0.69 up 19.84% over the last 24 hours, according to data from Benzinga Pro.
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