XRP, the contentious cryptocurrency linked to the San Francisco-based distributed ledger corporation Ripple, has surpassed the $20 billion milestone in market value. Within the last 24 hours, the token has gained roughly 5%. This boost in value comes amid a broader surge in the cryptocurrency market, with increases also seen by Bitcoin (2.41%), Ethereum (1.62%), BNB (0.72%), and Cardano (1.62%).
Throughout the last week, the price of XRP has steadily risen. This recent price increase has placed XRP dangerously close to a horizontal resistance level, which is a technical analysis concept that refers to a price level at which a cryptocurrency’s upward momentum is expected to be met with considerable selling pressure.
Due to the continuous banking crisis, investors are favoring cryptocurrencies this week. The fact that crypto prices have remained stable and that Bitcoin’s connection to stocks is currently at its lowest point in months has created a shift in public opinion of the nascent asset class.
The Cardano transaction volume has surpassed $30 billion. ADA as the Market Recovers Following the failures of Silicon Valley Bank and Signature Bank over the weekend, Bitcoin and Ethereum gained double digits. The recent cryptocurrency price increase, including XRP, has been spurred in part by speculation about the US Federal Reserve stopping rate hikes.
Bitcoin has surged by more than 35% since the closure of Silicon Valley Bank on March 10, beating other major assets and garnering investor attention despite warnings of overbought circumstances. Once XRP’s market capitalization hits the desired $20 billion mark, investors and traders will be watching intently to see if the cryptocurrency can maintain its upward momentum and break past the horizontal resistance level.