Why Is XRP Up Today? Key Reasons Revealed
XRP surged nearly 10% on May 8, reaching its highest level in two weeks, driven by macroeconomic relief, order-book dynamics, and renewed interest in altcoins. A new trade agreement between the US and UK and potential US-China talks eased tariff concerns, prompting a risk-on sentiment in global markets. Bitcoin's rise above $100,000 triggered a short squeeze, benefiting major altcoins like XRP. South Korean exchange Upbit shifted from net seller to aggressive buyer of XRP, indicating a rapid change in market sentiment. Bitcoin's market dominance fell from 65.38% to 64.43%, signaling capital rotation into altcoins. Analysts noted that the total crypto market cap hit an 18-month uptrend, with XRP breaching its quarterly volume-weighted average price for the first time in 50 days, suggesting potential further gains. XRP was trading at $2.31 at press time.
