The cryptocurrency market has been moving up in the last 24-hour period, in a rally that analysts believe is being led by XRP, the second-largest cryptocurrency by market cap, and not by the flagship cryptocurrency bitcoin.
According to CryptoCompare data, BTC is currently up by about 1.22% as it’s trading at $3,470, while XRP is up by little over 10.8%, as it’s trading at $0.032. The cryptocurrency’s market cap is now at $13 billion, behind bitcoin’s $60 billion.
Behind XRP’s move up could be various factors. Recently, Brussels-based global banking giant SWIFT integrated R3’s platform with its Global Payments Innovation (GPI) solution, in a move its CEO Gottfried Leibbrandt clarified is meant to explore potential interconnectivity between cross border payment solutions.
Earlier, as CryptoGlobe covered, XRP became the first settlement mechanism to be supported on R3’s global payments app Corda Settler. Ripple and R3 have, in the past, also partnered with various financial institutions – including Barclays and the Royal Bank of Canada – to test XRP for cross border payments.
While Libbrandt has recently revealed banks are hesitant when it comes to cryptocurrencies because of the volatility associated with them, some of XRP’s supporters believe that as SWIFT partnered R3 it may in the future test XRP.
As a result, the cryptocurrency jumped before other cryptos, which according to eToro senior market analyst Mati Greenspan saw it lead the crypto market rally.
Bitcoin Enters Oversold Territory
Bitcoin has fallen behind as it’s currently down by about 9% against the second largest crypto. Speaking to MarketWatch Naeem Aslam, chief market analyst at Think Markets UK, noted that the cryptocurrency failed to break above its 50-day moving average, showing the bulls lack momentum.
He added, however, tits Relative Strength Index (RSI), a momentum indicator that measures the magnitude of recent prices changes, shows it’s in oversold territory.
Having said this, things could change in the coming days because of the Relative Strength Index (RSI) has dipped into oversold zone. A reading near 30 shows that the price is oversold and it generally brings new buyers in the market and reading near 70 sends the message that it is overbought.
Most top cryptocurrencies are currently in the green. Ether, the third-largest crypto by market cap, has risen 3.3% in the last 24-hour period, as it’s trading at $109.1, while LTC, a crypto created as the silver to bitcoin’s gold, is up 2.7% to $31.8.
EOS, which recently saw reports suggest it has more active users than ETH, is up 3% to $2.37, while Bitcoin Cash moved up 6.1% to $117.