PakGazette – The price of reached a new all-time high today, surpassing the key mark of $3.30. After almost seven years, what seemed like an impossible burden has now been broken, and XRP is currently in what some might call price discovery mode.
Interestingly, the price of XRP has not skyrocketed in line with the rest of the crypto market, but in contrast to it. In the past few hours, prices of the popular alternative cryptocurrency have literally destroyed its main rivals against (BTC) and (ETH), with a staggering 16% increase from today’s lows against both leading cryptocurrencies.
As a result, the price of XRP reached a valuation of 0.000033 BTC and 0.00099 ETH. This is still far from all-time highs against Bitcoin and Ethereum, with up to 657% and 269% growth margin respectively.
What does this mean for traders and investors?
The XRP breakout is definitely something to keep an eye on, even if you don’t like the token. While the cryptocurrency’s rise is impressive, how it continues and whether it can sustain these gains will be closely watched. Beyond the numbers, this breakout points to larger changes, both in the XRP ecosystem and the crypto world at large.
Where will all this liquidity go after an XRP turnover? In beta games like HBAR or XLM? Or perhaps the rest of the altcoin spectrum can enjoy some of the new money flows?
Consider also that XRP’s dominance in the cryptocurrency market is now estimated at 5.5%, and that figure is down 77% in October alone. So, we will definitely see some sort of reallocation, but when and where remains an open question.
