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Payments-focused cryptocurrency XRP (CRYPTO: XRP) outshone heavyweights to become the market's best performer on Tuesday.
What Happened: The sixth-largest coin by market cap hit a 4-month high of $0.65, following a jump of more than 8% in the last 24 hours. With the latest surge, XRP is up 38% over the month.
The asset's trading volume more than doubled to $2.68 billion, making it the third-most traded speculative cryptocurrency in the 24-hour period.
The spike comes as blue-chip cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), stagnated. The global market cap also slipped by 0.43% in the last 24 hours
Why It Matters: XRP's rise comes amid expectations of a sustained rally.
Prominent cryptocurrency analyst Ali Martinez noted XRP's six-year-long consolidation in a symmetrical triangle, prompting him to issue a bullish prognosis.
"A bullish breakout could occur if XRP surpasses $0.90," Martinez forecasted.
XRP is closely tied to the blockchain company Ripple Labs. The firm has been locked in a tense legal battle with the SEC over XRP’s status as a security
Though the company secured a major victory a year ago, the price of XRP has lagged behind the broader market,
XRP has grown only 3% year to date, compared to Bitcoin’s 56% gains and Ethereum’s 44% increases during the same period.
Price Action: At the time of writing, XRP is exchanging hands at $0.6496, up 8.3% in the last 24 hours, according to data from Benzinga Pro.
Image via Shutterstock
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