Ripple (XRP) Skyrockets 21% in a Week as Bitcoin (BTC) Hovers Above $27K
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Ripple (XRP) Skyrockets 21% in a Week as Bitcoin (BTC) Hovers Above $27K

written by John Murphy | March 27, 2023

In the cryptocurrency market, Ripple’s XRP has seen a surge of 21% in the past week alone. This comes as Bitcoin’s price has stalled above $27k, hovering around the same range for the past few days.

BTC made no noticeable moves in either direction as trading volumes declined over the weekend. Altcoins also struggled on the day but XRP emerged as one of the best performers over the past seven days.  

Key Takeaways

  • Ripple’s XRP increased by 21% over the past weeks
  • Bitcoin’s growth has stalled lately.
  • XRP’s surge is attributed to several positive news.
  • Including Ripple’s expansion efforts in Asia and the anticipation of a lawsuit settlement with the SEC.

Tedious Bitcoin At $27.5k 

A lot has happened in the cryptocurrency industry over the past few weeks and bitcoin has come to a predictable pause. 

That asset surged from under $20,000 to over $28,000 during the U.S. banking crisis and spread to Europe when UBS had to buy shares in plunging Credit Suisse and Deutsche Bank. The Fed’s recent rate hike on Wednesday increased BTC’s volatility, dropping $2,000 by the hour. 

However, the bulls quickly bounced back, and bitcoin briefly crossed $29,000 on Friday. After surpassing this level for the first time in nine months, the cryptocurrency has broken below $28,000 and has remained so for the past few days.  

Its market capitalization remains below $540 billion but still holds a 46.2% advantage over altcoins. 

XRP Rises 21% Weekly 

Altcoins are expected to remain relatively stable daily, given the declining trading volume across all charts. Ethereum is trading near $1,800 after a modest gain of 1.3%. Similar improvements can be seen on Binance Coin, Dogecoin, MATIC, Solana, Litecoin, Tron, and Avalanche.  

Ripple is only the top 10 altcoins to see a significant price increase. XRP is up about 4% in a single day or over 21% over the past week. This brings the equity just above $0.45.  

ARB recovered some of yesterday’s losses, rising 6.5% to nearly $1.3. LDO, XMR, or XLM are other top performers among mid-cap alternatives as they are all up about 3%.  

The total market capitalization of cryptocurrencies is $1.15 trillion or the same as yesterday. One theory for XRP’s sharp increase is the recent news of Ripple partnering with central banks in Japan to launch a new payment app.

The app, called MoneyTap, will allow users to make instant payments 24/7 and is said to be the first of its kind in the country. This partnership and the potential for widespread adoption could be driving up the price of XRP.

On the other hand, Bitcoin’s price has been relatively stable in recent days, hovering just above the $27k mark. However, some investors and analysts believe the price is due for another surge soon. The factors that could contribute to this are the increasing institutional interest in Bitcoin, as well as the potential for more government stimulus measures.

Institutional adoption of Bitcoin has been rising recently or with companies such as MicroStrategy, and Square investing significant amounts in their treasury reserves. This trend could continue as more companies begin to see Bitcoin as a viable store of value.