XRP and PEPE Lead Markets, Bitcoin and Ethereum Flat but in Green: This Week’s Crypto Recap

Well, the past week saw some exciting developments to offer, at least in certain segments of the market. The broader capitalization barely increased by about $5 billion, and currently stands just shy of $1.2 trillion. This came on the back of the relatively flat performance of the major cryptocurrencies, but some altcoins managed to surprise. Let’s dig deeper.

It’s been back and forth with Bitcoin this week. The cryptocurrency traded around $26,500 this time last week and managed to increase to around $27,500 a few days later. It fell below $27k, only to test $27,500 again on Thursday. The bears weren’t getting it though, and they made another decisive swing lower, putting the bitcoin price where it is currently trading at around $26,800, notching a slight gain of 1.3%.

Ethereum is also trading up 2% over the week, followed by Cardano (ADA), MATIC, DOT and TRX – all of which managed similar gains.

But this is where things get more interesting.

Ripple’s XRP is up around 8% in the past seven days, making it the clear leader in the top 10 cryptocurrencies by total market cap. The reasons may be twofold. The judge presiding over the case against the US Securities and Exchange Commission (SEC) ruled against the agency’s request to close a particular record of former manager Bill Hinman. Investors viewed this as bullish for XRP as it could have a positive impact on the outcome of the case. Ripple has also closed a deal to acquire Metaco – a Swiss-based crypto custody company, for $250 million.

Then there is Pep. The value of memecoin that has taken center stage in the cryptocurrency industry has increased by around 17% in the past week, leading the memecoin sector by a significant margin. There’s no telling why PEPE came about but as with anything meme-related, there can be a number of reasons. It will be very interesting to see if it will maintain its position.

In any case, it remains interesting to see how the market will shape up in the following days and whether XRP will continue on its positive trajectory.

Market data

Market value: $1169 billion | 24 Hours Volume: $34 billion | Bitcoin Dominance: 44.4%

BTC: $26,829 (+1.3%) | Ethereum: $1,810 (+2%) | BNB: $309 (+1.1%)

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Graphs

This week we have chart analysis for Ethereum, Ripple, Cardano, OP and PEPE – click here for full price analysis.