Hyperliquid (HYPE) has recorded an 11% increase in the last seven days, outperforming notable assets like XRP and Ethereum (ETH). This impressive performance of the altcoin supported its climb into the Top 10 crypto assets by market capitalization, edging out Cardano from the elite list.
Technical breakout and volume spike fuel Hyperliquid rally
CoinMarketCap data reveals that Hyperliquid surged by 11% within the last seven days compared to XRP’s 5.57% and Ethereum’s 5.55%, respectively. The price uptick saw HYPE soar to $43 within the week as traders actively engaged the asset on the crypto market.
Hyperliquid has been recording a surge as investors increase their risk appetite in the crypto space. HYPE saw a 178% volume spike over 24 hours as trading on major exchanges surged.
The move was largely driven by technical breakout conditions and increased derivatives setup, which pushed the Hyperliquid price beyond the $34 level. This catalyzed HYPE’s climb into the $40 support zone, with the asset exchanging hands at a peak of $43 within the period.
XRP, on the other hand, could only manage a rise to $1.59 before slipping from that peak as volatility concerns remained with the coin. The upward movement was triggered by institutional collaborations within the Ripple ecosystem. The development fueled hopes of possible rebounds, hence the more than 5% increase within the period.
Ethereum also showed potential to reattempt the $2,400 price level with its 5.72% surge. However, the move later suffered a setback as ETH slipped in the wake of a massive sell-off, possibly for profit-taking.
Nonetheless, it is worth mentioning that Hyperliquid, XRP and Ethereum are among the top-performing altcoins over the last seven days.
Pullback hits HYPE, XRP, ETH despite weekly gains
Meanwhile, due to the broader market dip, all assets have recorded a decline in the last 24 hours. Hyperliquid, as of this writing, exchanges hands at $39.71, which represents a 4.24% loss.
However, trading volume has spiked by 68.32% to $626.48 million, signaling possible accumulation from investors betting on a future rebound.
The XRP price has once again slipped below the $1.50 support and is currently trading at $1.45, a 4.29% decrease in the last 24 hours. Its trading volume stands at $3.14 billion, which is a modest 3.9% rise within the time frame.
Ethereum has shed 6.98% of its value to trade at $2,161.06, but volume remains up by 43.9% at $28.09 billion.
In a bullish development, Ripple Prime has integrated with Hyperliquid in a move that converges traditional finance and decentralized finance. It would allow institutional investors to gain access to on-chain liquidity.
Source: https://u.today/hyperliquid-hype-jumps-11-wtd-outperforms-xrp-and-ethereum
