Ripple’s XRP cryptocurrency continues to steadily appreciate, gaining 35% to 1567 satoshi ($0.0056). This challenges highs near 1600 satoshi reached 6 months ago.
Just over one month ago, XRP also challenged this high and soon after surpassed it ever so slightly. It also reasserted its position as the second most valuable cryptocurrency, as ranked by market cap, ahead of Litecoin. The currency was riding a wave of good news that saw its adoption by two small US banks for interbank transfers.
The 1600 satoshi level has shown some resistance, however. After hitting the mark in May, XRP proceeded on a disastrous decline costing it 50% of its value during a period of upheaval gripping Ripple’s key stakeholders.
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One should also note that despite the recent highs, XRP’s dollar-denominated value remains stunted due to a lower bitcoin price.
In rising nearly 10% during the past 24h, XRP has bucked the downward trend hitting most coins today. Bitcoin has lost close to 6%, while most major alts were off by more than 5%. XRP and other non-Bitcoin derived currencies have shown a trait of abstention from participating in market downturns during recent months.
XRP has padded its lead in valuation over Litecoin to $52 million, now worth $176 million.