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XRP has risen 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 as high as $ 0437564 before pulling back to $ 0413853 at press time and hit its highest price in 20 according to The CoinDesk since July 2019

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 beginning of the year

Other alternative cryptocurrencies like Ether, Litecoin, Cardano, Bitcoin SV, EOS, Tezos, and Tron are also flashing green, most of these coins have picked up bullish momentum in the past few days and appear to be Bitcoin’s rapid stride towards the 19 record high$ 783 to track as of 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, Kruger said, alternative cryptocurrencies can be viewed as leveraged bitcoin games,

Bitcoin, the highest cryptocurrency by market capitalization, has seen a steep rally of 10 over the past eight weeks000 USD to almost 19$ 000 listed

At a currency price of 18$ 736, Bitcoin is just over 5% below reaching a new lifetime high, while XRP is still down 89% from its record high of $ 384 discontinued in January 2018, according to data source Messari

XRP and other altcoins may also increase in response to a rule proposed by the S. Bureau of the Currency Auditor, which bans banks from blacklisting legal industries – presumably including cryptocurrency firms – the proposed rule is likely welcome news for companies in the field that have long had difficulty obtaining or maintaining bank accounts in the U.S.

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XRP

World news – AU – XRP rises by more than 30% as Altcoins Piggyback on Bitcoin’s Wave – CoinDesk

Source: https://www.coindesk.com/xrp-rises-more-than-30-as-altcoins-surf-bitcoins-wave