Ripple seems to be cruising to better days!
XRP investors are celebrating as the cryptocurrency's market capitalization surpasses $36 billion, edging closer to Binance Coin (BNB), the crypto world's fourth-largest asset in terms of market capitalization.
This surge in market cap coincides with a huge increase in the price of XRP.
Challenging BNB's Position
As per CoinStats, XRP currently boasts a market cap exceeding $36 billion, securing its rank as the fifth-largest cryptocurrency based on market cap.
Additionally, XRP maintains a daily trading volume of $1.6 billion. This positions XRP just behind BNB, which commands a market cap of over $37 billion and a daily trading volume of $812 million.
At the time of writing, BNB is trading at $243, representing a noteworthy 7% increase in the past week.
XRP's Market Performance
XRP's impressive market performance is reflected in its current trading price of $0.68, marking a substantial 15% increase within the past 7 days. However, it's important to note that XRP's current price remains below its yearly high, which reached $0.81 back in July.
Factors Behind XRP's Surge
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XRP's Expansion into the UAE
One key driver behind XRP's recent surge is Ripple's expansion into the United Arab Emirates (UAE). Ripple secured approval to offer XRP in Dubai, facilitating the availability of XRP and related Ripple services in more than 55 countries worldwide. These strategic expansions are a part of Ripple's efforts to bring its global payment system and native cryptocurrency to an even broader user base.
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Ripple's Victory Over SEC
Ripple's legal victory against the United States Securities and Exchange Commission (SEC) earlier this year greatly attracted new investors to the XRP cryptocurrency. This surge in investor interest pushed XRP's price to its highest level over the year-to-date timeframe.
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Increased Institutional Interest
On November 5th, an unidentified crypto whale invested a substantial $15.6 million into XRP via the Bitstamp crypto exchange. Market intelligence platform Sentiment also highlighted increased interest in XRP, particularly noting a surge in the number of wallets holding between 100,000 and one billion XRP tokens, reaching the "highest level in 2023."
XRP Claims Fourth Place
With this massive surge, XRP now claims the position of the fourth-largest cryptocurrency, trailing behind Bitcoin (BTC), Ethereum (ETH), and Tether. While Bitcoin also experienced a rise above $35,000 on the same day, XRP emerged as one of the top-performing cryptocurrencies.
According to CoinMarketCap data, XRP recorded a 10% gain within 24 hours, with a trading volume exceeding $2 billion. This surge propelled XRP past BNB and above the $0.7 mark. Analysts attribute this rise to several factors, including increasing institutional interest and whale accumulation of XRP.
Institutional interest in XRP received a boost after Ripple secured necessary approvals to operate and provide services in Georgia and Dubai. Moreover, the continued accumulation of XRP by whales, with wallets holding between 100,000 and 1 billion XRP reaching their highest level in 2023, further contributed to the positive price impact.
As XRP continues to ascend, its price currently stands at $0.694 at the time of writing, showcasing its resilience in the crypto market.