Can XRP sustain its position as the fourth largest crypto?
- The XRP market cap is almost $37 million currently.
- It has increased by over 5% in the last 48 hours.
XRP has quietly experienced an upward trend in its value recently, resulting in a recent improvement in its ranking.
XRP trends upward
An examination of the daily XRP price trend showed a consistent uptrend since the month’s commencement.
Initially, these upward movements were subtle, accompanied by a slight decline. However, over the past two days, the upward trajectory has become more pronounced.
As of the close of trade on 8th December, there was a 4.54% price increase, reaching around $0.67. As of this writing, there has been an additional increase of over 3%, with the price now around $0.69.
The chart indicates a bullish trend in the current price trajectory, although it has not yet reached the levels observed during the SEC ruling. The Relative Strength Index (RSI) was slightly above 70 as of this writing, indicating a strong bull run.
Also, it suggests the potential for a further increase before a possible downturn. Additionally, the Moving Average Convergence Divergence (MACD) showed a trend above zero, although its lines have not shown a significant upward trend at this point.
XRP overtakes BNB in market cap ranking
Over the last 24 hours, there has been an almost 6% increase in market capitalization. This boost has propelled XRP to the position of the fourth-largest asset, with a current market cap surpassing $36 million.
The asset that previously held the fourth spot, BNB, boasted a nearly identical market cap. However, XRP managed to surpass it by a margin of several thousand dollars.
Additionally, the data showed a substantial surge in trading volume over the last 24 hours. At the time of this update, the volume has surged by over 50%, reaching a figure exceeding $2.4 billion.
The question remains whether XRP can maintain its position above BNB by the end of the day.
How much are 1,10,100 XRPs worth today
Funding rate hit a six-month high
If there were uncertainties regarding the future price trend of XRP, traders appear optimistic about a sustained increase. This sentiment is reflected in the current positive funding rate observed on Coinglass.
An examination of the funding rate chart showed the most positive rate in over six months. At the time of this report, the funding rate had risen to around 0.05%. This meant that traders were adopting long positions in anticipation of a price increase beyond its current level.