The price of XRP has just broken above the $0.20 price point after gaining five percent in the last day. XRP's price now sits at $0.21, achieving its highest value since March 11 after six weeks of near-constant growth.
The cryptocurrency now has a market capitalization of over $9.2 billion, further solidifying its place as the third-largest cryptocurrency behind Ethereum (ETH) and Bitcoin (BTC). However, despite its rapidly gaining value, XRP has seen its daily trading volume gradually diminish since mid-March, falling from as much as $5 billion XRP changing hands each day on March 13, down to just $1.9 billion today.
XRP is now up more than six percent today, 12% this week, and 17% in the last month. However, the cryptocurrency is still down more than 37% compared to its peak in mid-February—which was just prior to one of the worst XRP sell-offs in history when the entire cryptocurrency market tanked on Black Thursday.
This growth comes despite XRP being recently called a "scam" by veteran cryptocurrency trader Peter Brandt earlier today. As part of his rebuke, Brandt argues that the popular cryptocurrency known as Chainlink (LINK) has been bought by people who "finally figured out XRP was a scam."
Nonetheless, according to today's IG Client Sentiment update, more than 95% of XRP traders are long on the cryptocurrency. In contrast, out of those trading the US 500, only 76% are going long. Taking out a long position means betting that the price will go up in the near future.
XRP is currently the second best-performing cryptocurrency in the top 10 by market capitalization—narrowly edged out by Tezos (XTZ) which is up just over five percent today. Overall, much of the cryptocurrency market is demonstrating signs of growth, with more than half of the top 20 cryptocurrencies by market cap now up at least one percent today.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.