XRP Rallies 40% in a Week, Flips Solana’s Trading Volume
The post XRP Rallies 40% in a Week, Flips Solana’s Trading Volume appeared on BitcoinEthereumNews.com.
We do the research, you get the alpha! Get exclusive reports and access to key insights on airdrops, NFTs, and more! Subscribe now to Alpha Reports and up your game! Go to Alpha Reports The price of XRP, the native token of Ripple, has skyrocketed by over 40% in the past week, amid a confluence of positive developments for the cryptocurrency. They include the launch of new financial instruments for XRP and a potential shift in the regulatory landscape. Per data from CoinGecko, the price of XRP currently stands at $0.6097, up 7.2% on the day and 40.6% on the week, with the cryptocurrency also overtaking Solana in 24-hour trading volume. XRP recorded a 24 hour trading volume of $4.39 billion, surpassing Solana’s $2.78 billion, further cementing its position as a major player in the cryptocurrency market. XRP’s upward trajectory kicked off last week following an announcement by CME Group and CF Benchmarks regarding the introduction of indices and reference rates for the cryptocurrency. This development has been viewed as a step towards broader institutional adoption and integration of XRP into traditional financial markets. Crypto analysis firm Santiment has noted a significant shift in trader sentiment towards XRP. “With XRP making an emergence this week, bullish narratives have erupted.” the firm said in a statement, contrasting it with the bearish sentiment surrounding Cardano. Santiment added that “counter-trading the crowd’s consensus could prove profitable.” Ripple Labs enters political fray In a related development, Ripple Labs has made waves in the political arena. The company recently donated $1 million to the Commonwealth Unity Fund, a new super political action committee (PAC). This PAC, established by attorney James Murphy, aims to unseat crypto-skeptic U.S. Senator Elizabeth Warren and support the election of pro-crypto lawyer John Deaton. The donation, made on May 15, comes…
Filed under: News - @ July 18, 2024 6:26 pm