The Ripple price (XRP/USD) has broken through the $0.55 barrier for the first time in more than a month after gaining more than 17% in the past 24 hours.
The digital currency had a quiet morning session on Monday, trading around the $0.46 mark. The situation changed in the afternoon, with Ripple experiencing a sharp uptick that lifted its price to around $0.49. This kick-started an even stronger rally that has helped the Ripple price to break through the $0.50 mark on Tuesday.
Having closed the Monday session at $0.497, Ripple surged past $0.50 in the early hours of today’s session. The coin has since continued on a steady upward trajectory, which allowed it to top the $0.55 level for the first time since October 2. The coin has slowed down its advance in more recent trading. At the time of writing, the Ripple price was hovering around the $0.55 mark, according to data from digital currency tracker Coinmarketcap.
XRP is outperforming the broader cryptocurrency market by a big margin, even though other major coins, such as Cardano (ADA), Stellar (XLM) and EOS, have also seen significant gains over the past 24 hours. However, their advances have been overshadowed by the Ripple price rally, which has led to a gain of over 17% for the digital currency. The rally has allowed XRP to briefly overtake Ethereum (ETH) as the world’s second-largest digital coin.
The rally has been supported by significant market activity. Recent market data shows that over $1 billion worth of XRP have changed hands over the past 24 hours, with major crypto exchanges like Binance, Bitbank and OKEx being among the preferred destinations for XRP trading.
In today’s trading, the Ripple price stood at $0.544, as of 10:25 GMT. The coin has gained 17.5% in the past 24 hours.
For further information on how to buy and trade Ripple, see our comprehensive Ripple guide.