XRP, the fourth largest cryptocurrency with a market capitalization of US $ 16.68 billion, reached this Saturday (21) US $ 0.44, its highest price since last July. On Friday, the currency traded at $ 0.286, a jump of 55%.
The XRP price increase accompanied this week's market recovery. In the last 24 hours, the price of Bitcoin increased by 1.19% and that of Ethereum by 0.74%. Bitcoin trades at $ 18,504, and Ethereum at $ 509.
Last week, BTC, XRP and ETH soared. The price of Bitcoin jumped more than 15%, from $ 15,865, and the price of Ethereum increased by 11%. The weekly XRP increase is 48%.
So far, no news has been fundamental to the XRP skyrocket. The bullish move may have just been the beginning of a recovery for the cryptocurrency, which has accumulated a drop of more than 90% since its historic top in 2018.
XRP is a cryptocurrency preferred by payment institutions, which use it for real-time settlements and moving money between banks at low costs.
The project is developed by Ripple, a non-profit company based in San Francisco. But not for long; regulatory restrictions are hampering Ripple's operation in the U.S.