The price of XRP spiked as high as 75 percent above its opening price at one point during Friday's trading session amidst a broader market bull parade.
At roughly 14:45 UTC, the price of XRP rose to a peak of $0.77 - representing a 75 percent increase from its opening price of $0.45, according to CoinDesk's XRP Price Index (XPI).
For several hours, the surge in investor interest was enough for the cryptocurrency to briefly dethrone ether (ETH) as the world's second largest cryptocurrency by market capitalization. At the time, XRP's market capitalization was north of $23 billion, its highest level since June 10th.
At press time, XRP has since cooled off to the price of roughly $0.54 and has returned to its former position as the world third largest cryptocurrency, per CoinMarketCap's rankings.
During the trading frenzy, XRP surpassed multiple milestones not seen since the famous bull run of 2017.
For one, XRP/USD has already posted its most daily trading volume since January 14th on the cryptocurrency exchange Bitfinex. At the time of writing, three hours still remain in the trading day, so it's likely the cryptocurrency will surpass that mark and record its most trading volume ever on Bitfinex, which has offered XRP trading since May of 2017.
Further, today's price high of XRP marked a 192 percent rise since Sept 18, its best-performing, four-day stretch since December of last year. The price surged allowed XRP to reach its highest price point since May 10th.
Current XRP prices still represent an 84 percent depreciation from its all-time high of $3.48 set in January, but technical charts indicate that the price could be beginning to chart its way back to those heights.
XRP bulls were not the only ones on a parade today as the entire market picked up the bid in an illustrious way.
All of the top 10 cryptocurrencies are flashing green as of the time of writing and currently posting an average 24-hour gain of 17.67 percent, excluding Tether (USDT). After XRP, standout performers include ether (ETH), bitcoin cash (BCH), stellar (XLM) and cardano (ADA).
Consequently, the total capitalization of the cryptocurrency market has seen a notable uptick of more than $20 billion over the past 24-hours. Its current value stands just above $224.1 billion representing a 10 percent increase from this time yesterday and its highest mark since September 5.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Bull-Run Image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
Analysis: What 2019 Could Bring for Bitcoin
Trading in altcoins was a big part of what made Bitcoin price spike towards the end of 2017. A section of the crypto space argues that while altcoins helped Bitcoin’s market cap swell, they also bro
Bitcoin Cash Going Down as Stellar Warms up
Bitcoin Cash’s market cap has been cut in half since the Nov. 15 hardfork which birthed the Bitcoin ABC and Bitcoin SV chains. Now at a mere $3.5 bln and a unit price of ~$201 as at the time of writ
300k User Data from Chinese Auto Finance Platform Sold For One Bitcoin on Dark Web
It is revealed that 300,000 pieces of user data from a Chinese auto finance platform Jiurong were compromised and priced at one bitcoin on the dark web.
According to the leaked data posted, persona
Heyday of Bitcoin Mining Rigs Business at China’s Huaqiangbei is Over Amid Crypto Market Carnage
Bitcoin price slumped to a 13-month low of about $4,300 on Wednesday, making mining the world’s leading digital currency an unprofitable business. A lot of mall miners, mining rigs dealers and minin
Dialogue with Bitcoin Evangelist in Latin America: RSK Labs CEO Diego on Crypto Industry
Diego Gutierrez is the CEO at Koibanx and president of Bitcoin Argentina NGO. In addition, Diego also serves as the CEO of Rootstock/RSK Labs, a smart contract platform built on top of bitcoin.
China’s Bitcoin Billionaire Zhao Dong : Bitcoin Price to Hit $50,000 in Three Years—Now Is the Time to Buy the Dip
Despite Bitcoin’s latest crash and a real chance that its price will go much lower, Zhao Dong, prominent Chinese OTC trader and founder of Dfund, remains bullish on the the world’s biggest cryptoc
Bitcoin Miners Sold by Kilo in China Amid Cryptocurrency Crash
The leading cryptocurrency bitcoin once fell below $4,300 on the afternoon of November 20 – down more than 17% on a 24-hour basis and hitting a 13-month low since October 2017. Great losses are seen
Xiao Lei: 3 Main Reasons of the “Unreasonable” Bitcoin Price Crash
Cryptocurrency markets experienced a havoc in the past few days. Bitcoin, the uncrowned king in the crypto world, has fell as much as 30% over the past two weeks, while other major tokens are all suff