XRP Price Surges 38% Over the Past Week Amid Positive Developments
Ripple (XRP) has soared by more than 38% over the past week. This surge includes the introduction of new financial instruments for XRP and potential regulatory shifts. XRP is currently priced at $0.6034, gaining 3.44% for the day and 37.8% for the week, according to CoinMarketCap data. This rally has also seen XRP surge in 24-hour trading volume, recording $3.95 billion, making it the fifth most-traded cryptocurrency in the past 24 hours.
The upward momentum for XRP began last week following an announcement from CME Group and CF Benchmarks about the launch of indices and reference rates for the cryptocurrency. This move is seen as a significant step towards wider institutional adoption and the integration of XRP into traditional financial markets.
Ripple Labs recently donated $1 million to the Commonwealth Unity Fund, a newly established super political action committee (PAC). This PAC, founded by attorney James Murphy, aims to unseat U.S. Senator Elizabeth Warren, a known crypto skeptic, and support the election of pro-crypto lawyer John Deaton. Ripple is currently engaged in a lawsuit with the SEC, which alleges that Ripple's founders conducted unregistered securities sales through XRP.
Crypto analytics firm Santiment has observed a notable shift in trader sentiment towards XRP. "With XRP making an emergence this week, bullish narratives have erupted," the firm stated, highlighting the contrast with the bearish sentiment surrounding Cardano. Santiment suggested that "counter-trading the crowd's consensus could prove profitable."
