Ripple's XRP token rose more than 60% in the space of 24 hours to attain its latest all-time high, climbed to as much as $1.24 today, according to CoinMarketCap.
At this price level, the cryptocurrency had surged 62% over the last 24 hours, Forbes Reported.
The token's latest rally came several days after the cryptocurrency spiked more than 90% in the space of 24 hours, a development attributed to traders' desire to diversify and Ripple's announcement that it had locked up 55 billion XRP tokens.
When describing the recent upswing in XRP tokens, Mati Greenspan, senior market analyst for social trading platform eToro, said the following:
"It's part of this same action we've been seeing for the last few weeks." "With the choppy action that's happening in this market, cryptotraders are latching on to momentum."
Greenspan also spoke to the viability of XRP, saying that:
"As a private blockchain Ripple is seen as one of the most stable cryptocurrencies."