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May 28, 2022
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XRP hits six-week high, only 5% today

The price of XRP skyrocketed, breaking the $ 0.20 mark. But not all traders are impressed.

The price of XRP has just passed the $ 0.20 mark, after gaining five percent on the last day. The price of XRP is now $ 0.21, reaching its highest value since March 11, after six weeks of almost constant growth.

The cryptocurrency now has a market capitalization of more than $ 9.2 billion, further solidifying its place as the third largest cryptocurrency behind Ethereum (ETH) and Bitcoin (BTC). However, despite its rapid gain in value, XRP has seen its daily turnover gradually decline since mid-March, dropping on March 13 from up to $ 5 billion in daily trading to just $ 1.9 billion today .

Today, XRP has increased by more than 5%, 12% this week and 17% last month. However, the cryptocurrency still fell more than 37% compared to the peak in mid-February – which was just before one of the worst XRP sales in history, when the entire cryptocurrency market sank on Black Thursday (12 March).

This growth comes despite the fact that XRP was recently called “fraud” by veteran cryptocurrency trader Peter Brandt earlier today. As part of his rebuke, Brandt argues that the popular cryptocurrency known as Chainlink (LINK) was bought by people who “finally discovered that XRP was a scam”.

However, according to today’s IG Client Sentiment update, more than 95% of XRP traders have been with the cryptocurrency for a long time. On the other hand, of those who trade in the US 500, only 76% are buying. Taking a long position means betting that the price will rise in the near future.

Currently, XRP is the second best performing cryptocurrency among the top 10 in market capitalization – second only to Tezos (XTZ), which today is just over five percent. Overall, much of the cryptocurrency market is showing signs of growth, with more than half of the top 20 cryptocurrencies by market cap now rising at least 1% today.

Source: Decrypt

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