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XRP has hit highs in 16 months, leading a pack of cryptocurrencies all benefiting from Bitcoin’s rally to historic highs

XRP, the native asset of XRP ledger, developed by payments-focused blockchain company Ripple Labs, climbed to $ 0 437,564 before declining to $ 0 413,853 at press time, hitting the price on highest since July 2019, according to The CoinDesk 20

The third largest cryptocurrency in terms of market value has gained over 33% in the past 24 hours, bringing the gain since the start of the year to 116%

Other alternative cryptocurrencies such as ether, litecoin, cardano, bitcoin SV, EOS, tezos, and tron ​​are also flashing green Most of these coins have gained bullish momentum in the past few days, apparently following Bitcoin’s rapid evolution towards the record high of $ 19,783 reached in December 2017

“Altcoins are high beta assets and generally move in the same direction as bitcoin, but more,” trader and analyst Alex Kruger tweeted on Friday. Alternative cryptocurrencies can be considered leveraged Bitcoin games, according to Kruger

Bitcoin, the leading cryptocurrency by market cap, has seen a sharp rise from $ 10,000 to nearly $ 19,000 in the past eight weeks

At the currency price of $ 18,736, bitcoin is just over 5% from its new lifetime high, while XRP is still down around 89% from its all-time high of 3 $84 set in January 2018, according to data source Messari

XRP and other altcoins may also rise in reaction to a rule proposed by the US Office of the Comptroller of the Currency that would prohibit banks from blacklisting legal industries – including, presumably, trading companies. The proposed rule is probably good news for businesses in the space, which have long struggled to obtain or maintain US bank accounts

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XRP

World News – AU – XRP Rises More Than 30% As Altcoins Raise Bitcoin Wave – CoinDesk

Source: https://www.coindesk.com/xrp-rises-more-than-30-as-altcoins-surf-bitcoins-wave