XRP (CRYPTO: XRP) is flying today, up 24.1% in the last 24 hours as of 5:05 p.m. ET on Friday.
The massive gain is part of a larger rally across the cryptocurrency market after Bitcoin managed to reverse weeks of painful losses that brought it near $60,000 for the first time since the fall of 2024.
CRYPTO: XRP
Key Data Points
Bitcoin rises, and XRP follows
As Bitcoin goes, so too do altcoins -- at least the vast majority of the time. That was on display today, as there was no significant news driving the gain for XRP specifically.
The recent Bitcoin meltdown was intensified by a larger sell-off in the tech market as investors grow weary of what some see as runaway artificial intelligence (AI) spending. A fresh round of earnings shows capital expenditures from big tech companies continuing to balloon to record levels.
Image source: Getty Images.
The tech-heavy Nasdaq Composite lost nearly 4.5% from Monday through Thursday of this week, only to rally 2.1% on Friday.
Is XRP a buy?
While the technology surrounding XRP is extremely useful to banks that use it, its continued adoption won't necessarily lead to XRP rising in value, despite what bulls believe. I think much of its current valuation is built on hype, and that hype will inevitably fade. I would stay away from XRP.
