- XRP surges 10%, securing its position as third-largest crypto.
- Over 50% of Japanese banks integrate XRP for international transfers.
- Ripple acquires one billion XRP after Garlinghouse’s Trump dinner.
XRP’s recent surge of more than 10% signals a new era for Ripple. With increasing adoption from global financial institutions and significant market interest, XRP is solidifying its position as a leading digital asset.
Ripple (XRP) leads in Crypto market surge
XRP has recently risen more than 10% in a 24 hour period, surpassing the broader cryptocurrency market. The cryptocurrency’s market capitalization now sits at $146 billion after the surge. Following the recent surge that took it ahead of Tether (USDT), XRP remains the third largest cryptocurrency by market cap.
However, Bitcoin (BTC) showed a minimal movement after declining by just 4% in the past week. Ethereum (ETH) has also increased by 1%, while Binance Coin (BNB) has dropped by 0.3% in the same period. On the other hand, XRP has surged much higher along with Stellar (XLM) and Cardano (ADA) which rose by 7.1% and 9.2% respectively.
Peter Brandt, a renowned commodity trader, recently referred to XRP as the “leader of the pack.” His comment has sparked interest, especially considering his past criticism of the cryptocurrency. Previously, Brandt had warned about XRP’s bearish outlook, even predicting it would drop to zero against Bitcoin in 2020.
Brandt’s shift in tone has raised questions among analysts and social media commentators. He had called XRP a “scam” in the past but has now posted a bullish chart pattern. Despite his more positive stand on XRP’s potential, Brandt emphasized that he does not plan to buy any tokens, clarifying that he does not own nor intend to own XRP.
Why the rapid XRP surge?
XRP’s impressive rise is supported by significant on-chain activity. Investors have withdrawn 13 million XRP tokens from exchanges, signaling strong accumulation by long-term holders. Additionally, XRP’s open interest has risen by 31%, showing that traders are actively participating in the market.
Moreover, Ripple CEO Brad Garlinghouse recently met with President-elect Donald Trump, a meeting that reportedly led to the acquisition of over one billion XRP tokens. This event has created a buzz in the cryptocurrency community, with some speculating it could have a significant impact on XRP’s future price movements.
Global adoption of Ripple
Ripple’s growing influence is highlighted by its integration into Japan’s banking system. More than 50% of Japanese banks now use XRP for cross-border payments. The partnership with SBI Holdings has enhanced XRP’s On-Demand Liquidity solution, which aims to streamline international money transfers.
XRP is also gaining traction among global financial institutions. Banks in countries like the UK, Brazil, India, and Canada have integrated XRP to speed up their cross-border transactions. As more banks adopt XRP, it continues to expand its use as a fast and affordable payment solution.
The combination of increasing market participation, strong support from financial institutions and political developments has put XRP in a favorable position. If the cryptocurrency maintains its support levels and overcomes key resistance points, analysts expect it to continue its upward momentum.