XRP rises 10% against Bitcoin as USD value rises to five-month high

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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.

XRP/BTCSource: Tradingview

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.

XRP Social DominanceSource: Santiment

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

The post XRP rises 10% against Bitcoin as USD value rises to five-month high appeared first on CryptoSlate.

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