XRP Surges 4% as Crypto Market Rallies

Key Points:

• XRP has sailed past $0.52 on strong volume. 
• The Bitcoin price has recaptured the $30,000 level. 
• Bitcoin bull Mike Novogratz calls the crypto rally “constructive.”  

XRP has regained momentum, reclaiming the $0.52 level for a gain of close to 4% in the past 24 hours. There is conviction behind the rally, with trading volume hovering at $1.2 billion, the highest it’s been since April 5, according to CoinMarketCap.  

Viewing XRP’s performance through a wider lens is even more impressive. The No. 6 crypto has advanced 40% since this time in March. Market data from Paris-based research firm Kaiko shows that it’s been retail investors, not crypto whales, that have been fueling the rally in the XRP price of late. 

Now that XRP has broken through this wall, it looks like the bulls are in control. The bulls have wrestled back control of the broader crypto market, with the top-10 coins all flashing green in the past 24 hours in a bonafide rally. 

Novogratz on Crypto Rally

With the bitcoin price now perched above $30,000, the BTC bulls are out in full force. Mike Novogratz, CEO of digital asset investment firm Galaxy Digital, on CNBC, described the latest crypto price action as a “pretty constructive rally.” 

According to him, the Fed is winding down its aggressive path on interest rate hikes, which is benefiting the crypto market. Novogratz also believes the U.S. economy is headed into a “credit crunch.” All you have to do is observe assets like gold, bitcoin, and Ethereum, which should perform well in a slowdown, he noted, to see the writing on the wall. 

XRP Army Looks to Ride the Twitter Wave 

Twitter boss Elon Musk published a tweet with the letter “X” to reflect the company’s merger with X Corp and its new name. Thousands of replies poured in, including one from the Twitter account MackAttackXRP. The XRP bull used Twitter’s new name as an opportunity to tout XRP by simply responding with “X.” 

Musk has preferred the meme coin Dogecoin and even changed the Twitter logo from a bird to a Shina Inu dog, the DOGE mascot, in recent weeks. However, he has yet to give XRP the time of day.