XRP Surges to Fourth Largest Market Cap – Crypto News – Crypto News
Connect with us
XRP Surges to Fourth Largest Market Cap XRP Surges to Fourth Largest Market Cap

Cryptocurrency

XRP Surges to Fourth Largest Market Cap – Crypto News

Published

2 years ago

on

Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

XRP has been carving its path toward a significant milestone. Between July 14, 2023, and Nov. 10, 2023, the coin saw a price rally on the XRP daily chart that not only brought it close to BNB’s market cap but also allowed it to briefly overtake BNB, marking it the fourth-largest cryptocurrency by market capitalization. 

This achievement was the result of a substantial 22% increase in XRP’s market value, pushing its cap over the edge to $37.2 billion, compared to BNB’s $37.1 billion, according to recent data from CoinMarketCap​​.

XRP/USDT chart by TradinView
XRP/USDT chart by TradingView

The rally’s momentum did not stop there. XRP’s market cap surged by an impressive 66% in the past 24 hours, as reported, boosting its valuation to $41.44 billion, while BNB’s market value rose by a modest 6.5% to $40.57 billion​​. 

Turning our attention to the price analysis, XRP’s journey has been marked by bullish sentiment. After breaking above the 100 and 200-day moving averages, its price gained momentum and embarked on a robust uptrend, leading it to approach its previous daily swing high​​. However, the asset experienced a slight downturn from $0.74 on Nov. 6 and broke below the immediate support at $0.67 by Nov. 9, suggesting a phase of profit-booking by the bulls​​. 

The current trading price of XRP stands at $0.7873, with market analysts eyeing the critical resistance region around $0.8 as the next target, should the upward trend continue​​. This recent price action against both the U.S. Dollar (USDT) and Bitcoin (BTC) indicate renewed investor optimism in the short-term prospects of XRP.

Shiba Inu eyes on rally increase

The meme coin sector of the cryptocurrency market has been abuzz as Shiba Inu (SHIB) eyes a significant rally, following a crucial break above key resistance levels. Technical analysis has indicated that for SHIB to confirm a strong revival, it must break the $0.00001 price point​​. 

In the context of the current market situation, SHIB’s recent price action is worth noting. On Nov. 9, the Shiba Inu team unveiled ambitious plans for 2024/2025, which could potentially be fueling investor optimism​​. As of the last check, Shiba Inu was trading at approximately $0.000007986, marking a slight decrease of 0.59% over 24 hours, but a notable gain of over 10% in the past week, and close to 9% over the past month​​.

The SHIB community is also energized by the recent surge in the token’s burn rate, which saw an astonishing 14,400% increase within a single day. This spike in token burning has led to the destruction of over 173 million SHIB, as reported by Shibburn​​. 

In the wake of these developments, Binance, a leading cryptocurrency exchange, reported a substantial 22% increase in SHIB trading volume. This surge translated to trading volumes exceeding $37 million for Shiba Inu in just 24 hours, with Binance seeing massive SHIB/USD token transactions, including a staggering transfer of 536 billion SHIB​​​​​​. 

Cardano’s bullish tendencies persist

Cardano (ADA) has been showing significant bullish signals in the cryptocurrency market. A recent technical analysis indicated a rounding bottom breakout on the daily chart, a formation that often precedes a continuation of the upward trend. The price of ADA crossed the $0.35 mark, sparking discussions about a potential high-speed breakout rally. Market watchers have their eyes set on the $0.40 level, suggesting that breaching this could signal a move toward the $0.45 mark​. 

This week, Cardano saw a steady price increase, breaching the $0.300 resistance zone. The ADA/USD pair has been gaining momentum, with analysts noting that the rally is just getting started, hinting at more robust gains to come​​. Furthermore, ADA recently soared 19%, marking a major technical strengthening as it bounced back above the 200-day moving average (DMA), a key technical indicator, at the $0.30 level​​.

Cardano’s price action is also suggesting heavy bullish sentiment as it outperformed Bitcoin, rallying above the $0.350 resistance. The price is currently trading above this level, and the 100 simple moving average (SMA) on the four-hour chart, which is often considered a bullish indicator. In addition, a key bullish trend line is forming with support that could further bolster ADA’s bullish outlook and potentially propel the price toward $0.400 or even $0.420​​.

About the author


article image

Arman Shirinyan

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending