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XRP rose to 16-month highs, leading a packet of cryptocurrencies all benefiting from bitcoin’s rally to historic levels.
XRP, the native XRP ledger asset, developed by payment-focused blockchain firm Ripple Labs, climbed to $ 0.437564 before retiring to $ 0.413853 at press time, reaching its highest price since July 2019. according to The CoinDesk 20.
The third largest cryptocurrency by market value has gained over 33% in the past 24 hours, extending the year-to-date gain to 116%.
Other alternative cryptocurrencies such as ether (ETH), litecoin (LTC), cardano (ADA), bitcoin SV (BSV), EOS (EOS), tezos (XTZ) and tron (TRX) are also flashing green. Most of these coins have gained bullish momentum in the past few days, apparently monitoring bitcoin’s rapid movement towards a record high of $ 19,783 reached in December 2017.
“Altcoins are high beta assets and usually move in the same direction as bitcoin, but more”, trader and analyst Alex Kruger tweeted on Fridays. According to Kruger, alternative cryptocurrencies can be considered as leveraged bitcoin games.
Bitcoin, the leading cryptocurrency by market cap, has seen a sharp rise from $ 10,000 to nearly $ 19,000 in the past eight weeks.
At the currency price of $ 18,736, bitcoin is just over 5% off setting a new life high, while XRP is still down around 89% from its record high of $ 3.84 set in January. 2018, according to data source Messari. XRP and other altcoins could also rise in response to a rule proposed by the US office of the currency controller that would prohibit banks from blacklisting legal industries, including, presumably, cryptocurrency companies. The proposed rule is likely good news for companies in space, which have long struggled to get or keep bank accounts in the U.S.
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