XRP Surges Over 10% and Reclaims Its Position as the 4th Largest Cryptocurrency in the World
XRP, the digital asset by Ripple, experienced an impressive surge of over 10% on Monday, surpassing BNB's market capitalization.
XRP, the digital token from Ripple, surged by more than 10% on Monday, making it the best-performing cryptocurrency among those with the highest market capitalization, on a day when Bitcoin (BTC) and Ethereum (ETH) remained relatively stable.
This morning, the token saw a 10.2% increase over the past 24 hours, trading at $0.7083. Earlier, it had risen by over 11%, with its trading volume reaching $2 billion. Just the day before, the volume stood at $1 billion.
With this remarkable performance, XRP has surpassed Binance's BNB in market value, making it the fourth-largest cryptocurrency in terms of market capitalization.
There isn't a clear catalyst to explain this surge in the token's value, but the reaction may have been triggered by two recent developments involving Ripple. Last week, the company received significant approvals to operate and offer services in Georgia and Dubai.
On Thursday, the Ripple team announced that the Dubai Financial Services Authority (DFSA) had approved XRP under its virtual assets framework, allowing licensed companies in the Dubai International Financial Center to integrate and offer XRP to their customers.
On the same day, the company revealed that it would collaborate with the National Bank of Georgia (NBG) in the pilot project for the digital lari (GEL), which will utilize the company's central bank digital currency (CBDC) digital currency platform.
This recent surge in XRP's price, combined with favorable developments involving Ripple, has thrust XRP back into the spotlight as a prominent cryptocurrency to watch.
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