Ripple-affiliated cryptocurrency XRP prolonged its beautiful rally in the course of the weekend, surging to a brand new 2024 peak of $1.26 on the Bitstamp trade.
That is the best degree that the cryptocurrency has hit since November 2021.
In actual fact, the rally was so intense that Binance, the main cryptocurrency trade by international buying and selling quantity, briefly stopped processing withdrawals.
The controversial token has surged by greater than 110% throughout this November, outperforming most different main altcoins.
As reported by U.Right now, the rally intensified earlier this week amid rumors concerning the imminent resignation of SEC Chair Gary Gensler and expectations of extra accommodating cryptocurrency rules.
XRP remains to be down 69%
Whereas XRP has secured reasonably spectacular short-term beneficial properties, it’s nonetheless down roughly 69% from its document peak which was recorded virtually seven years in the past.
Based on information offered by CoinGecko, XRP stays one of many worst-performing tokens. For comparability, Bitcoin and Ethereum (ETH) are down 3% and 36% from their respective lifetime peaks. Dogecoin (DOGE), essentially the most invaluable meme coin, is down 51%.
There are nonetheless some main altcoins that managed to underperform XRP. Cardano (ADA), as an illustration, is down 76% from the height that was achieved in September 2021. Shiba Inu (SHIB) and Avalanche (AVAX) are additionally in the identical boat, with each cash dropping greater than 70% of their peak worth.
A Ripple co-founder is transferring XRP
In the meantime, Arthur Britto, one of many Ripple co-founders, has began transferring XRP tokens amid the blistering rally. Britto lately transferred 80 million XRP, with 10 million tokens shifting to the Binance trade.