XRP tops $72 billion market cap as token rises 5.3% to about $1.18
XRP climbed from a July 1 low to a one-month high in thin U.S. holiday trading, reaching about $1.18, a market value near $73 billion and fifth place ahead of USDC.
XRP
USDC
Summary
XRP rose more than 8% over four days from its July 1 low and gained about 5% in the latest 24 hours, reaching a one-month high during thin U.S. July 4-5 holiday trading. A later report said the token climbed 5.3% to about $1.18 on July 5, lifting its market capitalization above $72 billion and to roughly $73 billion, which pushed XRP ahead of USDC into fifth place among crypto assets. Analysts said broader crypto gains were aided by light holiday liquidity, easing inflation concerns, weaker payrolls data and short covering, all of which can amplify price swings.
Terms & Concepts
- market capitalization: Total value of all circulating tokens, calculated from price and circulating supply.
- short covering: Buying back assets to close bearish positions, which can add upward price momentum.
- XRP: A cryptocurrency associated with the XRP Ledger whose price rose to about $1.14-$1.18 and whose market value climbed above $72 billion in the reported move.