XRP, the digital currency of Ripple, appears to be defying the current market trend of cooling prices. While many other cryptocurrencies are experiencing a dip in value, XRP has seen steady growth in recent weeks. This is likely due to the ongoing adoption of Ripple’s technology by major financial institutions, which is driving increased demand for XRP. As a result, investors are increasingly turning to XRP as a safe haven in the volatile crypto market. With its strong fundamentals and growing use cases, XRP is well-positioned to continue bucking the trend and outperforming other cryptocurrencies in the coming months.
The cryptocurrency market cap has experienced net outflows of $12.6 billion in the last 24 hours, bringing the total to $1.16 trillion, down 1.1% from $1.18 trillion. Although the market caps of Bitcoin and Ethereum increased by 0.7% and 1.2% to $541.5 billion and $215.7 billion, respectively, the top 10 cryptocurrencies recorded losses over the last 24 hours, with Polkadot and Solana being the biggest losers, down 4.5% and 3.5%, respectively. Despite the general downward trend, XRP posted 1.8% gains during the reporting period.
Over the last 24 hours, the market cap of Tether (USDT) increased to $76.97 billion, while USD Coin (USDC) and Binance USD (BUSD) fell to $35.31 billion and $8.1 billion, respectively.
In the last 24 hours, Bitcoin decreased by 0.7% to trade at $28,014 as of 07:00 ET. Its market dominance increased to 46.5% from 46.3%. During the reporting period, Bitcoin found support at $27,310, but then edged lower before topping out at $28,185 around 06:00 (ET) this morning.
On the other hand, over the last 24 hours, Ethereum fell 1.2% to trade at $1,760 as of 07:00 ET. Its market dominance stayed flat at 18.5%. Ethereum trended down during the reporting period, finding a local bottom at $1,717, but buyers returned, lifting the price to a peak of $1,768 by 06:00 (ET).
The day’s biggest gainer is JOE, rising 24.1% over the reporting period to $0.42154 as of press time, with a market cap of $141.82 million. Tied to the REEF ecosystem, JOE is up 50.2% over the past month. Meanwhile, REN is the day’s biggest loser, falling 14.1% to trade at $0.11886 at the time of writing and carrying a market cap of $118.74 million.
XDC gained 19.6% to $0.04257 as of press time, with a market cap of $588.5 million. XDC is getting ready for its XDC Web3 Meetup event