- The price of Ripple’s XRP gained as much as 70% in hugely volatile trade on Tuesday, extending the broader cryptocurrency rally led by Bitcoin.
- As institutional investors allocate massive amounts to Bitcoin as a hedge against inflation, other market participants are looking to alternative cryptocurrencies — or altcoins.
- Ripple designed XRP to perform speedy, less costly, and more scalable alternative transactions.
- The token’s latest rally is also being driven by a central bank push to digitalize currencies.
- Visit Business Insider’s homepage for more stories.
Ripple’s XRP surged as much as 70% on Tuesday as the third-biggest cryptocurrency extended a rally that has been kickstarted by mass interest in Bitcoin.
Ripple’s price has risen about four-fold since the start of the pandemic, making gains alongside Bitcoin — which rose 4% to a near all-time high of $19,241 on