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XRP, the cryptocurrency launched by Ripple Labs Inc., has increased significantly in the last 7 days. This surge has taken the market cap to the third largest level after Bitcoin and Ethereum.
Data from CoinMarketCap on November 02 According to , the price of XRP has increased by 27.72% from $1.8 to $2.3 at the time of writing. The price surged 365% from $0.51 in the past month, making them the top gainers along with Peanut (PNUT), Stellar (XLM) and Hedera (HBAR).
The price movement caused XRP’s market capitalization to rise 26% to $136 billion, making it the third largest in the world, behind Tether with $134 billion and $108 billion, respectively. USDT ) and Solana ( Surpassed SOL).
The token was actively traded for approximately $26.41 billion, or a 75% increase in a day. At the beginning of last week, XRP had already Binance’s BNB when they reached $97 billion in market cap, while BNB was still at its $95 billion.
Ripple’s business expansion and market optimism fueled the price movement and it reached an all-time high record of $3.8, which was reached 7 years ago.
Impact of XRP on financial markets
WisdomTree, one of the US Bitcoin ETF issuers, was approved in the state of Delaware for its XRP ETF on November 25. proposed Was. However, it has not been officially proposed to the Securities and Exchange Commission (SEC); Market already proposed for division of state corporations Was excited by the fillings.
21Shares also filed a crypto-related product called 21Shares Core XRP Trust with the Commission on November 1. Made a proposal. Bitwise also submitted a similar application for the product in early October.
Although there has been no improvement in the dispute between Ripple and the SEC, the market is still optimistic about the next Trump administration supporting crypto-friendly regulations. The SEC’s new chairman will also be selected after current executive Gary Gensler stepped down before Trump’s inauguration.