Ripple’s native cryptocurrency, XRP, has seen a surge in value, driven by positive sentiment arising from the ongoing legal battle against the US Securities and Exchange Commission (SEC). In addition, Ripple’s recent attempts to expand globally have also contributed to the spike in prices. So far this year, XRP has gained an impressive 45%, positioning it as the top performer among the major cryptocurrencies. Despite the minor correction, XRP remains the biggest gainer over the last 90 days, outperforming Bitcoin (BTC) and Ethereum (ETH). Let’s delve into the details of XRP’s recent developments and market position.
XRP’s Strong Performance Amidst Market Volatility:
Even though XRP saw a modest decline of more than 3% on Friday, it remains the best performing cryptocurrency of the last 90 days. During this period, XRP has surged by more than 10%, outpacing Bitcoin and Ethereum gains. However, both BTC and ETH have made significant recoveries in the last 7 days, with increases of 17% and 12% respectively.
XRP Stats and Current 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 around $1 billion. XRP’s market cap recently surpassed the second largest stablecoin, USDC, but now stands at around $25.7 billion.
Ripple support for Central Bank Digital Currencies (CBDC):
Ripple recently highlighted the global adoption of a Central Bank Digital Currency (CBDC) in a post. It was revealed that several major central banks are planning to pilot launch their own bank-backed digital currencies. Ripple actively supports this effort by collaborating with various institutions.
The Central Bank of Montenegro (CBCG) is one of the institutions that Ripple assisted in launching the CBDC. Furthermore, the Central Bank of Brazil has announced its plans to introduce a CBDC in 2024. In addition, the Digital Currency Monetary Authority has disclosed the Universal Monetary Unit (UMU), a digital coin.
XRP’s bullish momentum is fueled by positive legal developments and Ripple’s global expansion initiatives. Despite the minor correction, XRP has steadily outperformed Bitcoin and Ethereum over the last 90 days, demonstrating its resilience amidst market volatility. With XRP’s market cap surpassing that of major stablecoins and gains to date of 45%, XRP remains an attractive investment option for cryptocurrency enthusiasts. Ripple’s support for the worldwide launch of CBDCs further solidifies its position as a key player in the evolving digital currency landscape.