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The Ripple (XRP) price has exploded a huge 44% higher over the past 24 hours to reach US$1.15. It’s still a long way behind its high of US$3.65, but it has recovered a lot during the past day.
Cryptocurrencies have been strengthening over the past few days, even though global markets are becoming more volatile.
Bitcoin has grown back to US$8,778. Ethereum has recovered to US$879 and Bitcoin Cash has gone up to $1,281.
These gains are in spite of news that an exchange, Bitgrail has been hacked to the tune of 17 million Nano and is now insolvent. At the current price that is around US$170 million.
The gain could be due to Robinhood, which offers free stock trading. It also recently set up Robinhood cryptocurrency, which offers commission free trades. Robinhood crypto is only available in five US states so far, but it has over 1.2 million people signed up, which could add a lot of interest as people start trading.
Of course, like I’ve always said, it’s impossible know which direction the cryptocurrency market is going to go next. Some people believe they’re all heading to $0, whereas others think it’s going to just go higher and higher over time. They are worth as much as someone is going to pay for them, which is still a fair bit at the moment.
For me, I'd just rather stick with plan old wealth-generating shares like these top choices.
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.