The price of XRP, one of the biggest cryptocurrencies by market capitalization, has soared by more than 11% over the past 24 hours, according to data provided by cryptocurrency ranking site CoinGecko.
In fact, it is one of the best-performing cryptocurrencies, dwarfing the gains of such major altcoins as Ethereum (ETH).
This is a stunning start for the cryptocurrency that has been dominating throughout the fourth quarter of 2024. As reported by U.Today, it recently secured its yearly close to date in December.
More than $7 million worth of XRP shorts have been liquidated in 24 hours, according to data provided by CoinGlass. OKX, Binance, and CoinEx are the leading exchanges based on the amount of liquidated crypto. Short positions account for nearly 80% of the wipeout.
XLM's eye-popping gains
Still, XRP's gains pale in comparison to those recorded by Stellar (XLM).
XLM has emerged as the best-performing token over the past 24 hours in the top 100, soaring by more than 100%.
The two cryptocurrencies tend to move in tandem since investors tend to put them in the same mental basket.
Stellar was, of course, created by Ripple co-founder Jed McCaleb, which might explain why there is such a strong correlation.
Alex DovbnyaAs reported by U.Today, McCaleb recently explained that XLM was drastically different from XRP. The tokens have different features and consensus mechanisms.
Other top performers
Apart from XRP and XLM, several other altcoins have also secured impressive gains.
Algorand (ALGO) is up by more than 13% while Hedera (HBAR) is up by more than 9%.
Cardano (ADA) is also among the best-performing tokens over the past 24 hours.
Dan Burgin
Vladislav Sopov