PK Press Club – The price of reached a new all-time high today, surpassing the key mark of $3.30. After almost seven years, what seemed like an impossible burden has now been shattered, and XRP is currently in what some might call price discovery mode.
Interestingly, the price of XRP did not rise in lockstep with the rest of the crypto market, but unlike it. Over the past few hours, the popular alternative cryptocurrency has seen its prices literally tear apart its main rivals (BTC) and (ETH), rising a staggering 16% from today’s lows compared to to the two main cryptocurrencies.
As a result, the price of XRP reached a valuation of 0.000033 BTC and 0.00099 ETH. This is still far from the all-time highs against Bitcoin and Ethereum, with up to 657% and 269% room to grow, respectively.
What does this mean for traders and investors?
The XRP breakout is definitely something to watch, even if you don’t like the token. While the cryptocurrency’s rise is impressive, how it continues and whether it can sustain these gains will be closely watched. Beyond the numbers, this breakout indicates larger changes, both in the XRP ecosystem and the broader crypto world.
Where will all this liquidity go after an XRP turnover? Do you like beta games like HBAR or XLM? Or maybe the rest of the altcoin spectrum will be able to benefit from some of the new money flows?
Also consider that XRP’s dominance in the crypto market is now estimated at 5.5%, and this figure has decreased by 77% in October alone. So, we will certainly see some sort of reallocation, but the question of when and where remains open.
