XRP Rockets Into Top 4 Crypto Spot with Phenomenal Surge, Here’s Why
The cryptocurrency market has been buzzing as Ripple’s XRP token experienced a remarkable surge on November 6. According to data from Coin Market Cap, XRP, a cryptocurrency token backed by Ripple Labs, has now become one of the top 4 cryptocurrencies by market cap. It has surpassed BNB and is now ranked alongside Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT).
XRP Price Rallying
In the past 24 hours, XRP has seen significant gains in price. It has risen by 11% in the past day and by 26.71% over the past week. Currently, XRP is trading at $0.7167, representing a 3.52% increase in the past hour.
These price increases can be attributed to the recent advancements made by the Ripple community to enhance the XRP tokenomics. With a trading volume that has soared by 85.85% in the past 24 hours, investors and traders are closely monitoring XRP for its future performance.
Ripple Community Building Up Support For The XRP Token
The recent surge in XRP price is in line with the efforts made by the Ripple community. Ripple Labs has announced collaborations within the crypto industry, leading to growth opportunities for the community. For instance, it partnered with the National Bank of Georgia to advance the Digital Lari CBDC pilot. Additionally, the Dubai Financial Services Authority (DFSA) has approved the use of XRP in the Dubai International Financial Centre (DIFC), officially recognizing it as a digital asset. These developments, along with a partial win in the US SEC vs. Ripple Labs lawsuit, have contributed to the continuous advancement of XRP.
Please note that the presented content may include the personal opinion of the author and is subject to market conditions. It is important to conduct thorough market research before investing in cryptocurrencies. The author and the publication do not hold any responsibility for personal financial losses.