Why is the Ripple (XRP) Price Up Today?

TL;DR

• Ripple’s XRP price rose to $0.64, with its market cap crossing $35 billion.
• The increase coincides with a miner uptrend of the digital asset market.

The price of Ripple’s XRP experienced a substantial revival in the past hour, spiking by 4% and reaching the $0.64 mark. Currently, it trades at approximately $0.63 (per CoinGecko’s data), remaining one of the best performers in the cryptocurrency market today (April 9).

Other XRP-related metrics, such as its market capitalization, have logically headed north, too, exceeding the $35 billion level for the first time since March 26.

Daily trading volume has also been on the rise, standing at approximately $2.3 billion. The coin surpassed Binance Coin (BNB) in that field, which generated around $1.7 billion for the same period.

The resurgence of Ripple’s token coincides with a green wave in the entire market, albeit most assets’ gains lag behind those recorded by XRP.

Cardano’s ADA is up 1.7% in the past hour, while Polkadot (DOT) has risen 1%. The leading cryptocurrencies by market cap – Bitcoin (BTC) and Ethereum (ETH) – have charted little-to-no substantial moves in the last 60 minutes.

Some expect that XRP’s real bull run may start this month due to the approaching trial between Ripple and the US Securities and Exchange Commission and the upcoming BTC halving.

The resolution of the legal battle could boost the price of the asset (in the event of a decisive victory for the company), whereas the halving event (scheduled for the end of next week) has historically been a precursor of a major rally of the entire cryptocurrency sector.