XRP price spikes nearly 8% to $0.27 in minutes

The price of XRP has broken upwards. The coin is now worth $0.27 after a sudden surge in volume pushed it up from the $0.25 mark. After the initial pump, the price retraced a little towards $0.265, before rising back up.

XRP is outperforming other coins in the top ten cryptocurrencies by market cap. The rest are showing losses between 1-6%, with Tezos (XTZ) suffering the most. The price of Bitcoin (BTC) is down by 1.5% while Ethereum has fallen 0.76% in the last day.

The price of XRP has been gradually increasing over the last 30 days. After starting the month below $0.20, it has slowly built back up, seeing several large increases in trading volume.

This comes alongside news that altcoins are starting to built up ground against Bitcoin. As Decrypt reported earlier today, mid-cap altcoins—defined as any cryptocurrency with a market capitalization between $1 billion and $10 billion—gained an average of 68% in January, while Bitcoin only grew by 30%. There are a few factors pushing them up, including a rise in interest for proof-of-stake coins and cryptocurrencies used for lending.

Despite the recent surge, XRP is still down in the long term. It is still much lower than last year's peak of $0.48 and is still down 92% from its all-time high of $3.59. Can this revival start to turn things around?