The price of XRP has hit a new all-time high today, surging past the key $3.30 mark. After almost seven years, what seemed like an impossible burden has now been broken, and XRP is currently in what some might call price discovery mode.
However, the XRP price has not risen in line with the rest of the crypto market, but rather in contrast to it. In the last few hours, the popular alternative cryptocurrency has seen its prices literally tear apart its main rivals in the face of Bitcoin (BTC) and Ethereum (ETH), with a stunning 16% rise from today's lows against both leading cryptocurrencies.
As a result, the XRP price reached a valuation of 0.000033 BTC and 0.00099 ETH. This is still a long way off the all-time highs against both Bitcoin and Ethereum, with up to 657% and 269% room for growth, respectively.
What does this mean for traders and investors?
Even if you don't like the token, XRP's breakout is something to keep an eye on. While the cryptocurrency's rise is impressive, how it continues and whether it can maintain these gains will be closely monitored. This breakout points to larger changes beyond the numbers, both in the XRP ecosystem and the crypto world at large.
After a turnover in XRP, where will all this liquidity go? Into beta plays like HBAR or XLM? Or perhaps the rest of the altcoin spectrum can benefit from some of the new money flows.
Consider also that XRP's dominance in the crypto market is now estimated at 5.5%, and that figure dropped by 77% in October alone. Thus, we will definitely see some sort of reallocation, but when and where remains an open question.
