XRP/USD Retains Strong Momentum, Outperforming Bitcoin BTC/USD and Ethereum ETH/USD

Payments-focused cryptocurrency XRP retained strong momentum in the early hours of Monday, while higher-valued coins retraced.

What Happened: XRP rose by over 3% in the last 24 hours, defying corrections in Bitcoin BTC/USD and Ethereum ETH/USD. The 24-hour trading volume shot up by 150% to $10.59 billion, highlighting high liquidity and trader engagement.

Over the past week, XRP has posted a gain of 18.80%, primarily due to news of a formal settlement agreement between Ripple Labs and the SEC, which might bring the multi-year legal battle to a close. The coin has also profited from the U.S.-China tariff de-escalation.

The XRP derivatives market was also buoyant, with Open Interest rising 14% in the last 24 hours and more than 70% of Binance traders betting on an increase, according to Coinglass.

Annually, Bill Gates's wealth is now being outpaced by Satoshi Nakamoto's, with a $190 billion net worth to Gates's $107 billion.

This comes amid crypto's sharp rebound, pushing Bitcoin to new all-time highs in constant currency terms.

— Glassnode (@glassnode) August 28, 2023

The crypto market is known for its volatility, and rapid price movements can be observed in both directions, especially during periods of high market activity or significant market events.

The crypto market is also highly competitive, with new coins and tokens being launched frequently. This can lead to shifts in trader preference and affect the prices of individual coins.

It is important to note that this is a snapshot of the market at a particular moment in time, and the trends observed may change. Traders and investors are advised to conduct their own research and invest wisely.

See More: Best Cryptocurrency Scanners

Top Gainers (24 Hour)

The post XRP Defies Bitcoin, Ethereum Corrections To Retain Strong Momentum; 70% Of Binance Traders Bet On Increase In Apex Coin appeared first on Benzinga.