XRP, the cryptocurrency used in Ripple Labs payments network, is rallying on the coattails of altcoin leader ether ETH, 1.15s recent move to record highs. XRP rose to 0.72 early Monday to hit the highest level since Feb. 2 and was last seen changing hands near 0.70. The thirdlargest cryptocurrency by market value has gained 18 in the past 24 hours, according to CoinDesk 20 data.
The price rise comes three days after the Ethereum blockchains ether token set new lifetime highs near 2,100. Since then, the secondlargest coin has established a foothold above 2,000, helping XRP and few other alternative cryptocurrencies such as tron TRX, 20.47, stellar XLM, 17.28, orchid OXT, 23.37, bitcoin cash BCH, 9.99, and eos 12.06 score gains amid the dull action in bitcoin BTC, 1.17 the crypto market leader.
Were not seeing anything specific to XRP and the move feels more like an altcoin season type move given outperformance in other tokens as well, Joel Kruger, currency strategist at LMAX Digital, told CoinDesk. Names like TRON and siacoin SC, 18.11 are performing even better than XRP on this more thinly traded Easter holiday Monday.
With a move to twomonth highs, XRP has now completely reversed losses suffered in December after the U.S. Securities and Exchange Commission SEC filed a case against Ripple for raising 1.3 billion by selling XRP in unregistered securities offerings. Ripple executives attorney James K Filan tweeted on Saturday that Ripple and the SEC have reached an…