XRP Leads Altcoin Rally As Ripple Scores Legal Wins And New CBDC Partnerships

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Today’s Cryptocurrency Headline

The price of XRP has increased by over 8% in the past 24 hours to become the top-performing digital asset in the cryptocurrency top ten.The token’s price has risen by over 22% in the past week, with trading volume jumping to $2 billion from Sunday’s $1 billion.According to YouHodler Chief of Markets Ruslan Lienkha, there are “several factors” pushing up the price of XRP at the moment. He underscored Ripple’s “quite successful confrontation” with the Securities and Exchange Commission, and the company’s involvement in global CBDC projects.In mid-October, Ripple celebrated the dismissal of all charges against its executives in an ongoing lawsuit brought by the SEC. And, last week, the central bank of Georgia announced a partnership with Ripple for the development of the country’s central bank digital currency pilot project.”There is Ripple’s aggressive marketing, big CBDC projects in cooperation with some governments, and also a very favourable bullish sentiment in the current crypto market, however, note that the price has not overcome the previous high in July,” Lienkha added.

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The S&P 500 Index soared 5.85% last week, its best performance since November 2022. A large part of the gains were fuelled by expectations that the United States Federal Reserve will not hike rates anymore. In comparison, Bitcoin had a much more muted performance, with a rise of approximately 2%. However, a positive sign for cryptocurrency investors is that risk-on sentiment is likely to benefit the crypto space.Bitcoin’s rise attracted investments in several beaten-down altcoins rising from their long-term slumber. If Bitcoin does not collapse, the recovery may spread to coins that have not yet participated in the rise.Even as Bitcoin enters a range, select altcoins are showing signs of moving higher.The support level is at $34,400 and the resistance level is at $35,300.

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