The market capitalization of XRP, the controversial cryptocurrency with ties to San Francisco-based distributed ledger firm Ripple, has topped $20 billion. The token gained almost 5% over the previous 24 hours alone.

This enhance in worth comes amid a broader rally within the cryptocurrency market, with Bitcoin (2.41%), Ethereum (1.62%), BNB (0.72%), and Cardano (1.62%) additionally experiencing beneficial properties.

XRP’s value has been steadily climbing over the previous week. This latest surge in value has introduced XRP close to a horizontal resistance stage, which is a technical evaluation idea referring to a value stage at which a cryptocurrency’s upward momentum is anticipated to be met with important promoting stress.

This week, traders are exhibiting a desire in direction of cryptocurrencies because of the ongoing banking disaster. The truth that crypto costs are holding regular and that Bitcoin’s correlation to shares is at the moment at its lowest level in months has precipitated a change within the notion of the fledgling asset class. 

Bitcoin and Ethereum, specifically, recorded double-digit beneficial properties following the failure of Silicon Valley Financial institution and Signature Financial institution over the weekend.

The latest value rally for cryptocurrencies, together with XRP, has been partly fueled by hypothesis concerning the US Federal Reserve pausing price hikes.

Because the shutdown of Silicon Valley Financial institution on March 10, Bitcoin has elevated by greater than 35%, outperforming different main belongings and attracting investor consideration regardless of warnings of overbought situations. 

As XRP’s market capitalization surpasses the much-coveted $20 billion mark, traders and merchants shall be intently watching the cryptocurrency’s efficiency to find out whether or not it may keep its upward momentum and break via the horizontal resistance stage.