XRP has soared to a 16-month high and has spearheaded a number of cryptocurrencies, all of which are benefiting from Bitcoin's rally to historic levels.
XRP, the native asset of the XRP ledger developed by payment-focused blockchain firm Ripple Labs, rose to $ 0.437564 before falling to $ 0.413853 at press time and its highest price since The CoinDesk 20 reported July 2019 reached.
The third largest cryptocurrency by market value has gained over 33% in the last 24 hours and has expanded its profit to 116% since the start of the year.
Other alternative cryptocurrencies like Ether (ETH), Litecoin (LTC), Cardano (ADA), Bitcoin SV (BSV), EOS (EOS), Tezos (XTZ) and Tron (TRX) also flash green. Most of these coins have picked up bullish momentum in the past few days and appear to be tracking Bitcoin's rapid stride towards the record high of $ 19,783 reached in December 2017.
"Altcoins are high beta assets and usually move in the same direction as Bitcoin but more," tweeted trader and analyst Alex Kruger on Friday. According to Kruger, alternative cryptocurrencies can be viewed as leveraged bitcoin games.
Bitcoin, the highest cryptocurrency by market capitalization, has seen a steep rally from $ 10,000 to nearly $ 19,000 in the past eight weeks.
At a currency price of $ 18,736, Bitcoin is just over 5% below reaching a new lifetime high, while XRP is still 89% below the record high of $ 3.84 in January 2018, according to data source Messari.
XRP and other altcoins could also rise in response to a proposed US Office currency validator rule prohibiting banks from blacklisting legal industries – presumably cryptocurrency firms as well. The rule proposed is likely to be welcome news for companies in the field that have long had difficulty obtaining or maintaining bank accounts in the United States.