Ripple’s XRP cryptocurrency has not let up, gaining another 20% during the past 24 hours to 6300 satoshi ($0.0198).
And like its gains from previous days, its absolute gains more than offset those realized as a result of continued bitcoin weakness. While BTC has set new mid-term milestones to the downside, it has not shed more than 4% during the past 24 hours, avoiding the brunt of a sizable downturn in the crypto markets.
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Yesterday, it was assessed that a near-term pullback was likely, based on what appeared as a slowdown in gains and a lightening of traded volume. Today’s jump has been anything but, with volume surging to the equivalent of $4 million – similar to that of Litecoin, which experienced a volume surge of its own.
A sizeable retracement is still likely once the volume does return to previous levels, though this may not be in the near-term as it continues to ride a wave of positive sentiment and set new milestones.
Its total market cap now exceeds $600 million and with the exception of Bitcoin it exceeds that of all other cryptocurrencies combined.