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Market News XRP Surges 4% as Crypto Market Rallies

XRP Surges 4% as Crypto Market Rallies

Trading volume surpasses $1.2 billion, and the top 10 currencies are all glowing green in a genuine crypto market rally as XRP reclaims the $0.52 level with a 4% gain in only 24 hours.

Jimmy Khan

2023-04-12

9713

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With a recent increase of about 4% and a retake of the $0.52 level, XRP has picked up steam once again. According to CoinMarketCap, trade volume is now above $1.2 billion, which is the biggest level since April 5. This indicates that the surge has support.

The success of XRP is even more astounding when seen in a larger context. Since this time in March, the No. 6 cryptocurrency had increased 40%. XRP's recent price increase has been driven by individual investors rather than crypto billionaires, according to market data from Paris-based research company Kaiko.

After XRP burst past this barrier, it seems that the bulls are in charge. The top 10 currencies have all flashed green in the last day in a genuine rally, showing that the bulls have regained control of the larger crypto market.

On the Crypto Rally, Novogratz

The BTC bulls are active as the price of bitcoin has risen past $30,000. On CNBC, Mike Novogratz, CEO of the digital asset investing company Galaxy Digital, called the most recent cryptocurrency price movement a "pretty constructive rally."

He claims that the Fed is easing off on its aggressive course of interest rate rises, which is good for the cryptocurrency market. Novogratz thinks the American economy is about to experience a "credit crunch." He pointed out that all it takes to read the writing on the wall is to look at assets like gold, bitcoin, and Ethereum, which ought to do well in a downturn.

XRP Army aims to capitalize on the Twitter trend

Elon Musk, the head of Twitter, sent a tweet that included the letter "X" to signify the company's merger with X Corp and its new name. Numerous responses flooded in, including one from the MackAttackXRP Twitter account. The XRP bull simply replied with "X," taking advantage of Twitter's new name to promote XRP.

In recent weeks, Musk has favored the humor currency Dogecoin and even altered the Twitter logo from a bird to the DOGE mascot, a Shina Inu dog. He hasn't yet given XRP much attention, however.