Ripple’s native cryptocurrency, XRP, is experiencing a surge in value, driven by positive sentiments emerging from its ongoing legal battle against the U.S. Securities and Exchange Commission (SEC). Additionally, Ripple’s recent efforts to expand globally have also contributed to the price surge. Year-to-date, XRP has gained an impressive 45%, positioning it as the top performer among major cryptocurrencies. Despite a minor correction, XRP has remained the biggest gainer over the past 90 days, outperforming Bitcoin (BTC) and Ethereum (ETH). Let’s delve into the details of XRP’s recent developments and its market position.
XRP’s Strong Performance Amid Market Volatility:
Although XRP experienced a modest decline of over 3% on Friday, it remains the best-performing cryptocurrency over the past 90 days. During this period, XRP has surged by more than 10%, surpassing the gains of Bitcoin and Ethereum. However, both BTC and ETH have made notable recoveries in the last 7 days, with increases of 17% and 12%, respectively.
Current XRP Statistics and Market Cap:
At the time of writing, XRP is trading at an average price of $0.495, while its 24-hour trading volume has decreased by 24% to approximately $1 billion. XRP’s market capitalization recently exceeded that of the second-largest stablecoin, USDC, but now stands at around $25.7 billion.
Ripple’s Support for Central Bank Digital Currencies (CBDCs):
Ripple recently highlighted the global adoption of Central Bank Digital Currencies (CBDCs) in a post. It revealed that several major central banks are planning to pilot the launch of their own bank-backed digital currencies. Ripple is actively supporting these efforts by collaborating with various institutions.
The Central Bank of Montenegro (CBCG) is one such institution that Ripple is assisting in launching a CBDC. Furthermore, the Central Bank of Brazil has announced its plan to introduce a CBDC by 2024. Additionally, the Digital Currency Monetary Authority has revealed the Universal Monetary Unit (UMU), a digital coin.
XRP’s bullish momentum is driven by both positive legal developments and Ripple’s global expansion initiatives. Despite a minor correction, XRP has continued outperforming Bitcoin and Ethereum over the past 90 days, showcasing its resilience amidst market volatility. With XRP’s market capitalization surpassing major stablecoins and its year-to-date gains of 45%, it remains an attractive investment option for cryptocurrency enthusiasts. Ripple’s support for the launch of CBDCs around the world further solidifies its position as a key player in the evolving digital currency landscape.