Ripple (XRP) soars to top-four as price crosses $1 mark

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TL;DR Breakdown:

  • Ripple (XRP) finally crossed the one-dollar mark on Tuesday.
  • Presently, XRP is ranked the fourth-largest digital currency, with a market capitalization of over $46 billion.

For the first time since 2018, the Ripple-backed cryptocurrency, XRP, has surpassed a market price of one dollar ($1). Additionally, the market capitalization of the cryptocurrency has increased to the fourth-largest on Coinmarketcap. Many analysts had predicted the breakout today, inclined Scott Melker and crypto derivatives trader Cantering Clark, who previously noted that XRP has all the technical components to skyrocket in value.

Ripple is now a $1-priced crypto

According to the market report from Coinmarketcap, Ripple reached a yearly high of $1.10 today, which hasn’t been recorded since March 2018. XRP gradually dropped below $1 after reaching an all-time high (ATH) of $3.84 in January 2018. The new price today is unarguably a milestone for many XRP holders.

During press time, the cryptocurrency was trading at $1.02 on Coinmarketcap, which represents nearly a 40 percent increase over the last 24 hours. The market capitalization of the cryptocurrency has also increased to $46.8 billion, ranking Ripple as the fourth-largest digital currency, again.

How XRP almost crashed in 2020

The XRP cryptocurrency was hit last year when the US Securities and Exchange Commission (SEC) announced their charges against Ripple, claiming that XRP was an unregistered security. The development caused many crypto exchanges to consider delisting the cryptocurrency to avoid legal issues with the regulator, should the law court rule in favor of the SEC.

Consequently, the price of XRP began declining from $0.55 in December to $0.20, as most of the holders panic-sold their holdings.