XRP has risen to 16-month highs, leading a pack of cryptocurrencies that all benefit from the bitcoin rally toward historic levels.
XRP, the original asset of XRP-ledger, developed by payment-focused blockchain firm Ripple Labs, climbed to as high as $ 0.437564 before retreating to $ 0.413853 at press time and reaching the highest price point since July 2019 according to CoinDesk 20.
The third largest cryptocurrency by market value has gained over 33% over the last 24 hours, extending its annual profit to 116%.
Other alternative cryptocurrencies such as ether, litecoin, cardano, bitcoin SV, EOS, tezos and tron also flash green. Most of these coins have gained a bullish momentum over the last few days and apparently tracked bitcoin̵
“Altcoins are high beta assets and usually move in the same direction as bitcoin, but more,” trader and analyst Alex Kruger tweeted Friday. Alternative cryptocurrencies can be considered leveraged bitcoin games, according to Kruger.
Bitcoin, the top cryptocurrency by market value, has charted a steep rally from $ 10,000 to nearly $ 19,000 in the last eight weeks.
At the $ 18,736 exchange rate, bitcoin is just over 5% from setting a new longevity high, while XRP is still down around 89% from the record high of $ 3.84 set in January 2018, according to data source Messari.
XRP and other altcoins may also rise in response to a proposed rule from the U.S. Currency Control Office that would ban banks from blacklisting legal industries – including presumably cryptocurrency firms. The proposed rule is likely welcome news for companies in the space that have long struggled to get or keep bank accounts in the United States