XRP Outperforms Bitcoin, Ethereum Set to Become Major Gainer Today, Analyst Predicts ‘Bullish Breakout’ Even as Coin Lags Broader Market in 2024

Payment-focused cryptocurrency XRP eclipsed the heavyweights to become the market’s top performer on Tuesday.

What happened: The sixth-largest cryptocurrency by market cap hit a 4-month high of $0.65, after surging more than 8% in the past 24 hours. With this latest surge, XRP is up 38% on the month.

The asset’s trading volume more than doubled to $2.68 billion, making it the third most traded speculative cryptocurrency over the 24-hour period.

The surge comes as top cryptocurrencies, Bitcoin And Ethereum stagnated. Global stock market capitalization also fell by 0.43% in the last 24 hours

See also: Cryptocurrency-Focused Fairshake Becomes Largest Super PAC With Over $200 Million in Donations, Spending 90% of Funds Against Democrats

Why is this important: The rise in XRP comes amid expectations of a sustained rally.

Leading Cryptocurrency Analyst Ali Martinez noted XRP’s six-year consolidation into a symmetrical triangle, prompting him to issue a bullish forecast.

“A bullish breakout could occur if XRP breaks above $0.90,” Martinez predicted.

XRP is closely related to blockchain society Ripple LabsThe company was locked in a Tense legal battle with the SEC on XRP’s status as a security

Despite the company scoring a major victory a year ago, the price of XRP has continued to lag behind the broader market,

XRP is up just 3% year-to-date, compared to 56% for Bitcoin and 44% for Ethereum over the same period.

Price action:At the time of writing, XRP was trading at $0.6496, up 8.3% in the past 24 hours, according to Benzinga Pro data.

Image via Shutterstock

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