John Deo

XRP Surges 13.67% in One Day Amid Volatile Week for Cryptos

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    Posted by John Deo Mar 3 - Filed in General - #financialmodelingprep  - 28 views

    XRP experienced a remarkable one-day rally on Sunday, surging 13.67% to $2.4454 on the Investing.com Index—its largest percentage gain since January 15. This sharp increase helped push XRP’s market capitalization to $129.49 billion, representing 4.60% of the total cryptocurrency market cap, although it still remains well below its all-time high of $3.40 set on January 16.

    Market Overview

    • XRP Performance:

      • One-Day Gain: Up 13.67% to $2.4454
      • Market Cap: Increased to $129.49 billion (peak: $190.39 billion)
      • 24-Hour Trading Range: $2.1757 to $2.4454
      • 7-Day Performance: Down 12.61% overall; 7-day trading range from $1.9554 to $2.6028
      • All-Time High: Currently down 27.98% from $3.40

    • Other Major Cryptos:

      • Bitcoin (BTC): Trading at $86,299.4, up 1.76%
      • Ethereum (ETH): Trading at $2,237.62, up 2.93%
      • Market Caps:
        • Bitcoin: $1,689.84 billion (60.08% of total market cap)
        • Ethereum: $265.84 billion (9.45% of total market cap)

    Key Drivers and Market Dynamics

    1. Investor Sentiment:
      The impressive one-day gain in XRP reflects a surge in investor optimism, likely driven by short-term technical factors and renewed interest amid broader crypto volatility.

    2. Volume and Liquidity:
      XRP traded a 24-hour volume of approximately $3.31 billion, representing about 5.01% of the total crypto trading volume, underlining its significance within the market.

    3. Broader Crypto Trends:
      While XRP enjoyed a significant rally, its overall performance over the past week has been mixed. Bitcoin and Ethereum posted moderate gains, showcasing resilience despite broader market uncertainties.

    4. Historical Context:
      Despite today’s rally, XRP is still trading considerably below its all-time high. This divergence highlights the persistent volatility in the crypto market and the challenges of sustaining long-term momentum.

    Stay Updated with Real-Time Market Data

    Investors looking to monitor these trends and make informed decisions can use the following Financial Modeling Prep APIs:

    • Crypto Currency Free API
      Access live prices, volume data, and market cap changes for XRP, Bitcoin, Ethereum, and other major cryptocurrencies.

    • Economics Calendar API
      Stay informed on key economic events and market-moving announcements that could impact cryptocurrency markets.

    Conclusion

    XRP's 13.67% one-day rally has temporarily boosted its market cap and provided a glimpse of bullish sentiment in a generally volatile crypto market. However, the broader picture remains mixed, with XRP still trading far below its historical highs and experiencing a weekly decline overall. As investor sentiment continues to fluctuate, keeping a close eye on real-time data will be crucial for navigating the complexities of the cryptocurrency landscape.

    Stay informed with our comprehensive suite of market data APIs to track the latest developments in the digital asset space.