XRP has outperformed Bitcoin (BTC) and Ethereum (ETH) in the past 24 hours, with its price experiencing an 8.5% spike to reach $0.67. Trading volumes for XRP have also increased from $1 billion to $2.7 billion during this period. As a result, XRP now holds the fourth-largest market capitalization, surpassing Binance Coin (BNB). On-chain analytics firm Santiment has highlighted this growth, noting that wallets with 100K-1B XRP now hold 45.8% of the total supply, the highest level in 2023.
This surge in XRP’s price is supported by two significant developments from Ripple. Firstly, the Dubai Financial Services Authority (DFSA) has granted XRP approval under its virtual assets regime, allowing licensed firms in the Dubai International Financial Centre to offer XRP to their clients. This approval opens up opportunities for XRP adoption in the Middle East, a region that is increasingly embracing cryptocurrencies.
Additionally, Ripple’s collaboration with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project has garnered attention. This initiative utilizes Ripple’s CBDC platform, giving institutions full control over the CBDC lifecycle. Ripple has also formed similar partnerships with other countries, including the Republic of Palau, Colombia, and Montenegro, for pilot projects.
Recent victories against the U.S. Securities and Exchange Commission (SEC) have also boosted XRP prices. The SEC dropped all remaining charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen on October 19, in a move that is considered a “dismissal with prejudice.” This decision, along with the court ruling in July that XRP is not a security, has led to XRP being relisted on various U.S. exchanges and the emergence of XRP options markets.
Ripple’s recently published XRP Markets Report for Q3 also highlighted the influx of capital into the XRP market due to the relisting and the potential approval of spot BTC and ETH ETFs in Q1 2024. As a result, XRP’s value has surged approximately 40% in the past month.
At the time of writing, XRP is trading at $0.7295, marking a 13.85% surge in the past 24 hours, according to CoinMarketCap data.