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XRP Surpasses $1 as Other Large-Caps Lagging

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Mon, 05/31/2021 - 13:14
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Vladislav Sopov
XRP is the only asset in Top 50 that witnesses double-digit gains today
XRP Surpasses $1 as Other Large-Caps Lagging
Cover image via stock.adobe.com

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The price of the XRP token has reclaimed a crucial level after a tremendous 50% drop. Does XRP have room for growth?

XRP back above $1

Today, in the early morning hours (UTC timezone), the XRP token spiked to a level unwitnessed since the mid-May massacre. On some spot exchanges, it briefly touched the $1.05 mark.

XRP price adds 12% in 24 hours
Image by CoinMarketCap

At press time, the XRP price has retraced slightly. It is changing hands at $1.01 on major spot cryptocurrency trading platforms.

Other large-cap altcoins are also in the green zone, but XRP remains the only token from the premier league that has managed to print double-digit gains today.

Binance Coin (BNB) is also performing well: a rapid five percent price spike allowed it to leave Cardano (ADA) in the dust in terms of market capitalization.

Are retail holders still buying the dip?

With a market cap of $53.49 billion, Binance Coin (BNB) has reclaimed the position of third-largest altcoin.

The Bitcoin (BTC) price added 3.15 percent and is struggling to hold above $37,000. Retail investors may be behind this upsurge as a record-breaking amount of USDT was sent to exchanges.

small investors are depositing USDT
Image via Twitter

Analyst Lex Moskovski noticed that the number of small USDT deposits on Binance (BNB) printed an all-time high. His Twitter audience agreed that it may contribute to the upsurge of volatility.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)