XRP, the native digital token of the San Francisco-based blockchain payment technology giant Ripple, has posted a massive rally over the past 24 hours as the coin has recorded a new yearly high. After crossing above the psychological level of $0.30 yesterday, the fourth-ranked digital currency has now reached the $0.37 level. So far this year, it is the first time that the coin has succeeded in breaking above this price mark.
Ripple turns extremely bullish
Ripple’s XRP has turned extremely bullish in the cryptocurrency market after its price surged to this level. The fourth-largest digital token went as high as to hit $0.37 earlier today which is the new highest value for the coin in the year 2020. Along with the rest of the cryptocurrency market, XRP also faced a flat price crash in the mid of March and it moved down to $0.13. Since that time, it has been trying to retest its yearly high. In some attempts, it reclaimed the $0.30 level but could not reclaim its 2020 high. But now, with its spike to $0.37, it has achieved what it was looking for short-term.
In order to reach this bullish mark, the coin has recorded more than 24 percent gains over the past 24 hours. After this potential rally, XRP has turned extremely bullish. At the time of writing, the price value of XRP is trading at above $0.37 with a positive change rate of more than 23 percent on a 24-hour basis. While on the other hand, it is up nearly 38 percent on a seven-day basis. It is currently the largest seven-day price gain shown by XRP in the market. This price surge has occurred amid Bitcoin’s rally to $18,700.
XRP Eyes the third position now
Along with the rise in the price value, the market capitalization of XRP has also surged high. At the press time, the market cap of XRP is standing over $16 billion, as per the CoinMarketCap data.
Currently ranked at the fourth-spot, the coin is looking to overtake the world’s largest stablecoin Tether (USDT) to become the third-largest digital currency in terms of market cap. The coin only needs nearly two billion in market cap to achieve this milestone.