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Bitcoin and Ethereum edge lower but Ripple rockets 31% higher due to xRapid optimism

James Mickleboro

It has been a reasonably mixed 24 hours of trade for the crypto market.

After bouncing back from a flash crash overnight on Wednesday, many of the major coins have given back some of their gains.

However, thanks largely to another incredible gain by Ripple (XRP), the entire value of the crypto market has risen over 1% to US$203.4 billion according to Coin Market Cap.

The Ripple price rocketed higher overnight as traders continue to fight to get hold of the alt coin ahead of the potential launch of its xRapid product.

Earlier this week an executive from Ripple Labs suggested that the cross-border money transfer service for financial institutions could be launched as soon as next month.

However, it is worth noting that yesterday a Ripple Labs spokeswoman told Bloomberg that there isn’t an official commercial release timeline at this point.

Not that this has put off traders. The Ripple price is up 31% since this time yesterday, bringing its seven-day return to over 53%.

Here is the state of play this morning compared to 24 hours ago:

The Bitcoin (BTC) price is down 0.4% to US$6,403.85, reducing its market capitalisation to US$110.65 billion.

The Ethereum (ETH) price is down 0.5% to US$209.76. This leaves ETH with a market capitalisation of US$21.4 billion.

The Ripple (XRP) price is up 31% to 42.79 U.S. cents, increasing its market capitalisation to over US$17 billion.

The Bitcoin Cash (BCH) price has fallen 1.3% to US$428.14. This reduces the Bitcoin spin off’s market capitalisation to US$7.4 billion.

The EOS (EOS) price has pushed 1.1% higher to US$5.32, increasing the EOS market capitalisation to US$4.8 billion.

Outside the top five things were a little more positive. The Stellar (XLM) price has risen 1.9%, the Tether (USDT) price is up 0.2%, Cardano (ADA) has climbed 2.8%, and Monero (XMR) rose 0.6%. The Litecoin (LTC) price couldn’t follow its peers higher, though, and is down 0.8% to US$54.10.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.