XRP rises 10% against Bitcoin as USD value rises to five-month high XRP rises 10% against Bitcoin as USD value rises to five-month high
Blockchain analytical firm Santiment reported that XRP's social dominance is at its highest point in a year following its surge to $0.49.
2 min read
Updated: Mar. 28, 2023 at 1:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple’s XRP has risen by nearly 10% against Bitcoin (BTC) despite the broad market sell-off in the last 24 hours, according to CryptoSlate data.
The XRP/BTC spot pair on Binance increased by 0.00000129 during the reporting period to as high as 0.00001859. However, it has retraced to 0.00001843 at the time of writing.
According to Tradingview data, the XRP/BTC has increased by more than 36% over the past week.
Interestingly, the XRP token also rose by 5% to 0.000284 against Ethereum (ETH), according to CryptoSlate’s data.
XRP’s USD value rises to a five-month high
When XRP’s value is denominated in U.S. Dollars, it is the best-performing top 10 digital assets within the last 24 hours.
According to CryptoSlate’s data, the token rose 4.71% to a five-month high of $0.49955 at the time of writing. A look at its price performance over the past week showed that XRP increased by 27% and 30% during the past month.
Meanwhile, XRP’s social dominance has also soared to a new high during the period. Blockchain analytical firm Santiment reported that the asset’s social dominance is at its highest point in a year following its surge to $0.49.
Data from Luna Crush corroborates the above. According to the data aggregator, XRP’s social engagement has soared by 40%, and its social dominance is up 5.8% to 1.51%.
The increased attention has translated to an over 100% growth in its trading volume in the last 24 hours ts $3.13 billion is higher than that of BNB, Cardano (ADA), and Dogecoin (DOGE) combined, according to CryptoSlate’s data.
Meanwhile, the U.S. Commodity Futures Trading Commission’s (CFTC) classification of Bitcoin, Ethereum, and Litecoin (LTC) as commodities renewed hope that Ripple could win its case against the Securities and Exchange Commission (SEC).
The U.S. SEC alleges that XRP is a security
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,399.98
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Dogecoin
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Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Cardano
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Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
XRP
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The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.