Pakinomist – The price to hit a new record high today, rocketed past the key level of $3.30. After nearly seven years, what seemed like an impossible burden has now been broken and XRP is currently in what some might call price discovery mode.
Interestingly, the price of XRP has not risen in line with the rest of the crypto market, but contrary to it. In the last few hours, the popular alternative cryptocurrency has seen its prices literally tear apart its main rivals in the face of (BTC) and (ETH), with an astonishing 16% increase from today’s lows against both leading 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 of both Bitcoin and Ethereum, with up to 657% and 269% room for growth respectively.
What does this mean for traders and investors?
XRP’s breakout is definitely something to watch, even if you don’t like the token. While the rise of the cryptocurrency is impressive, how it continues and whether it can sustain these gains will be closely watched. Beyond the numbers, this outbreak points to larger changes, both in the XRP ecosystem and the wider crypto world.
Where will all this liquidity go after a turnover in XRP? For beta games like HBAR or XLM? Or maybe the rest of the altcoin spectrum can enjoy some of the new cash flows?
Also consider that XRP’s dominance of the crypto market is now estimated at 5.5%, and that number dropped 77% in October alone. We will thus certainly see some form of redistribution, but when and where remains an open question.
