- XRP snapped a losing streak against Bitcoin with a 20% rally in 24 hours. The move comes after large transfers on Binance that may signal renewed trader interest.
- Laggard altcoins like Litecoin, AVAX, ADA, and DOT are posting double-digit gains, potentially signaling traders rotating capital into tokens that haven’t moved yet.
- The crypto recovery remains fragile due to macro uncertainty around interest rates and recession risks. Sentiment gauge Crypto Fear & Greed Index remains in “fear” territory.
Ripple’s XRP token has snapped its losing streak against bitcoin, rallying 20% in the past 24 hours. The action could be a sign of traders rotating some of their capital to tokens that haven’t moved yet.
The crypto market is extending its recovery, with laggard altcoins like Litecoin, Avalanche’s AVAX, Cardano’s ADA and Polkadot’s DOT also posting double-digit percentage gains.
XRP Price Action
- XRP jumped 20% in the past 24 hours, changing hands near $0.72 at press time.
- The token has underperformed bitcoin this year. It is still down 10% year-to-date versus bitcoin’s 15% gain.
- The rally comes after mysterious large transfers on crypto exchange Binance. Analysts think the transfers are a sign of renewed interest in the token.
Wider Market
- Bitcoin is up 5% over the past 24 hours after dipping below $38,000 on Monday. Ether is up a similar amount.
- Other major altcoins posting double-digit percentage gains include Litecoin, up 14%; AVAX, up 16%; ADA, up 10%; and DOT, up 13%.
- The moves could be a sign traders are rotating into laggard tokens during the latest crypto bounce.
Outlook
- The wider recovery remains fragile given macro uncertainty around interest rates and recession risks.
- Crypto sentiment gauge the Crypto Fear & Greed Index remains stuck in “fear” territory with a reading of 34. A reading below 50 signals prevailing negative sentiment.
Conclusion
After lagging the wider crypto market this year, Ripple’s XRP token has rallied 20% in the past 24 hours. The move comes after large transfers on Binance and could signal renewed trader interest. Other laggard tokens like Litecoin, AVAX, ADA and DOT are also bouncing. However, the wider crypto recovery remains fragile given macro uncertainty.
