XRP, one of the largest altcoins, has increased by over 20 percent in the last 24 hours, becoming the third largest cryptocurrency in the world by market value.
This rapid rise has pushed XRP's market value to over $130 billion, overtaking Tether (USDT) to become the world's third-largest cryptocurrency.
Commenting on the rise in XRP, co-founder of crypto exchange Coinstash, Mena Theodorou, said:
“XRP’s comeback is driving the market. This potentially signals a return of retail traders and investors to the crypto market.
“The recent XRP trends on TikTok, speculations about the approval of a Ripple-issued stablecoin, and the possibility of an ETF are likely adding fuel to the fire and renewing and increasing interest in XRP.”
While XRP attracted the attention of the entire market with its tremendous rise, the leading cryptocurrency Bitcoin (BTC) started the new week weakly and fell to the $95,000 levels.
Noting that Bitcoin’s upward momentum has consistently stumbled near the elusive six-figure level, BRN analyst Valentin Fournier said:
“Amid strong market catalysts and rising investor confidence, Bitcoin continues to struggle with the psychological barrier of $100,000.
Bitcoin continues to struggle to reach $100,000 as investors continue to profit from recent gains. A significant sell wall of $384 million must be broken for Bitcoin to continue higher.”
Fournier stated that Bitcoin dominance has recently fallen below the positive trend line determined in June 2023, with a 5% decline in the last 12 days, and that with a significant resistance of $ 100,000, the market is shifting capital towards altcoins with the support of increasing liquidity.
*This is not investment advice.