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The price of XRP has increased by more than 30% as retail traders shift to “cheaper” altcoins and market appetite improves following Ripple’s latest legal victories against the SEC.
The XRP price surged to a new multiyear high on April 13 as an increase in trading activity in the early morning hours extended into the afternoon.
The price increase arrives on the same day that both Bitcoin (BTC) and Ether (ETH) set fresh all-time records, indicating that global interest in the cryptocurrency market is on the rise ahead of Coinbase’s direct listing on April 14.
XRP has gained momentum in recent weeks as a result of a string of legal wins for Ripple in its dispute with the US Securities and Exchange Commission, as well as speculation that the token could be relisted on several exchanges.
Ripple has also been promoting RippleNET’s numerous features, such as the advantages of on-demand liquidity, which avoids pre-funding of destination accounts and lowers operating costs.
Stellar Lumen (XLM) rose 18 percent on April 13 from a low of $0.576 to an intraday high of $0.678 as the XRP fork continues to watch the movements of its predecessor, for better or worse.
According to data from South Korean cryptocurrency exchanges, traders have begun to move away from BTC and ETH and into more attractively priced altcoins such as XRP and XLM, implying that the rebound could be only getting underway as institutional buyers are enticed back into the cryptocurrency sector.