XRP has emerged as the top-performing cryptocurrency in the last 24 hours, leaving Bitcoin (BTC) and Ethereum (ETH) in its wake.
Notably, the price of XRP experienced an impressive 8.5% spike on Sunday to tap $0.67, with trading volumes skyrocketing from $1 billion to $2.7 billion over the last 24 hours. More remarkably, XRP has claimed the fourth-largest market capitalization, outpacing Binance Coin (BNB).
On-chain analytics firm Santiment highlighted this growth today by tweeting;
“XRP-Ledger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as XRP moved up +23% against BTC in just the past week. Wallets with 100K-1B XRP now hold 45.8% of the total supply, their highest level in 2023.”
That said, beyond whale accumulation, XRP’s price surge is underpinned by two significant Ripple developments fueling optimism across diverse investor groups.
Firstly, the Dubai Financial Services Authority (DFSA) granted XRP approval under its virtual assets regime last Thursday, enabling licensed firms in the Dubai International Financial Centre to incorporate and offer XRP to their clients. This signals a promising avenue for XRP adoption in the Middle East, a region increasingly embracing cryptocurrency.
Additionally, Ripple’s recent collaboration with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project has drawn attention. This initiative utilizes Ripple’s CBDC platform, granting institutions full control over the CBDC lifecycle, from creation and distribution to redemption and offline transactions. Notably, Ripple has also forged similar partnerships this year with the Republic of Palau, Colombia, and Montenegro for pilot projects.
Recent victories against the U.S. Securities and Exchange Commission (SEC) have provided a strong boost to XRP prices. On October 19, the SEC dropped all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen in a move deemed a “dismissal with prejudice,” making it final and preventing any future claims from the SEC. This was another victory for Ripple following the July decision that XRP is not a security.
It shall also be recalled that following the US court’s non-security ruling in July, XRP was relisted on various US exchanges, and XRP options markets emerged. As per Ripple’s recently published XRP Markets Report for Q3, this development led to renewed capital flowing into the XRP market, primarily driven by market-makers and client activity.
Additionally, the firm noted the potential approval of spot BTC and ETH ETFs in Q1 2024 could further bring significant capital infusion, bolstering cryptocurrency adoption.
At press time, XRP was trading at $0.7295 XRP, marking an impressive 13.85% surge in the past 24 hours. Over the past month, the cryptocurrency’s value has surged by approximately 40%, according to CoinMarketCap data.