XRP's Price Rises 6% as Crypto Market Bounces Back from Crash

The price of XRP, the third-largest cryptocurrency with a market cap of $25.48 billion, today hit $0.56, an increase of 5.91% from yesterday’s price, according to data from CoinMarketCap. It's the latest coin to recover from this week's market crash.

XRP hit its daily high of $0.57 at 00:54 UTC before slightly dipping to $0.54 at 04:49 UTC. It has recovered since then, reaching today’s price of $0.56.

XRP’s price has increased by 52% from last week’s $0.36, making it the third best-performing cryptocurrency of the week after Stellar and Horizen. In the previous week, XRP increased the most out of any other major cryptocurrency.

This is a recently entered territory for XRP. On November 23, it passed $0.50 for the first time since 2018. Since then, there have been many ups and downs.

After hitting nearly $1 on November 24, XRP’s price crashed by 20% the next day. The downward spiral continued on November 26, dropping below $0.50 at 16:44 UTC before regaining strength soon after, rising above $0.50 at 20:14 UTC.

Bitcoin, the largest cryptocurrency by market cap, increased by in the past 24 hours 1.50% to today's price of $17,189. Overall, Bitcoin's price has dipped by 7.68% this week.

Meanwhile, Ethereum, the second-largest cryptocurrency, has increased by 1.48% to $519, close to its weekly increase of 1.36%.

The crypto market has slightly recovered from its nosedive this week. Crypto’s market cap increased by 2.58% over the past 24 hours, meaning that the overall market cap has reached $513.82 billion. Coinciding with the crypto market crash earlier this week is the S&P 500’s fall from its all-time high and the Dow Jones’s retreat below 30,000 basis points.