Due to the weakening U.S. dollar, crypto investors are increasingly buying XRP, the sixth most valuable crypto by market value, while Bitcoin, the pioneering crypto asset, is within striking distance of $50k.
At the time of writing, XRP was trading at $1.18051 on the FTX exchange, up 10.18% on the day. Since August 14, this is the largest percentage gain in one day.
In the aftermath of this move upwards, the value of XRP has reached $54.55 Billion, or 2.59% of the total cryptocurrency market value. Its market capitalization peaked at $83.44 billion at its highest point.
For the day, XRP traded between $1.05214 and $1.18051.
XRP is currently down 64.12% from its all-time high of $3.29 set on January 4, 2018.
A number of investors are holding on to Ripple’s token. Ripple is already now in use by big banks, including Bank of America, American Express, and Santander, which are using the Ripple network as a platform for their transactions. XRP can be invested in, exchanged for other cryptocurrencies, or used to fund Ripple network transactions.
It is noteworthy that Ripple has a few unique features that set it apart from crypto leaders such as Bitcoin (BTC) and Ethereum (ETH). Aside from using blockchain for consensus, Ripple’s data is gathered and compared across servers using unique node lists, a persistent data structure for implementing sets and maps.
The price of cryptos can fluctuate based on many factors, and Ripple is no exception. This is one of the factors that can affect investor enthusiasm because it is affected by the wider crypto market sentiment.