After a recent surge in price, Ripple's XRP has emerged as the best-performing cryptocurrency by market cap in the top 100. The token's price has soared to $0.7391, marking a surge of over 20% in the last 24 hours.
Ripple's native token has also seen a significant increase in market cap, rising over 20% to reach $40.4 billion. Compared to the five leading cryptocurrencies above it on the charts, including Bitcoin, XRP has been the best performer over the past day. Recent data indicates that the token is highly bullish among traders, with trading volume soaring over 300%.
While XRP was initially slow to join the bullish rally of cryptocurrencies, it has caught up dramatically. Open interest for XRP, which indicates the total number of outstanding derivative contracts, has also seen a notable increase of 30.44%, reaching $1.06 billion.
XRP's surge has elicited a mix of reactions. While there have been millions in liquidations as holders look to cash out, interest in XRP futures has also grown. The asset's market cap currently stands at $40,157,126,488. Many analysts believe that XRP's latest surge will propel it to reach $1 very soon, especially if it continues to align with the current upward trend in the crypto market.
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