Ripple’s native cryptocurrency XRP has set the market ablaze with a sudden and remarkable surge in value. Within a matter of minutes, the digital token experienced an astonishing 8% rise in its daily chart, skyrocketing from $0.5307 to $0.5568.
But that’s not all. The token’s bullish momentum extends beyond its daily chart. The token has also witnessed a sudden surge of 9% on its weekly chart, indicating a potentially promising trend in the making.
Furthermore, its 24-hour trading volume has experienced an extraordinary spike, soaring by an impressive 60.88%. As a result of this tremendous surge, the token’s market capitalization has surged by a noteworthy 7.42%.
Such substantial trading activity showcases this digital asset’s heightened interest and confidence. Whereas the surge demonstrates the increasing demand for Ripple’s native cryptocurrency and its growing prominence within the cryptocurrency market.
Ripple native token is currently trading at $0.5582. Analysts have predicted a positive outlook for the token based on various technical indicators, indicating a bullish sentiment in the market. However, it is worth noting that the Fear & Greed Index is currently reading 26.02, suggesting extreme fear among investors.
Over the past 30 days, it has witnessed a significant increase of 30.93%. This notable surge in value raises hopes of a potential recovery in the coming month, although it is expected to be modest.
Forecasts suggest that by the end of June, XRP’s value will experience a remarkable surge of 111.09%, reaching approximately $1.18.
XRP Price Rise Driving Factor
XRP’s sudden price rise can be attributed to the latest news that Novatti Group Limited, a leading fintech company, has announced the launch of its 1:1 fiat-backed stablecoin, AUDD, on the XRP Ledger (XRPL).
This move allows users worldwide to utilize AUDD for payments and trading with other XRP-based tokens through the XRPL’s decentralized exchange (DEX).
The XRPL offers fast and low-cost transactions, taking only 3-5 seconds per transaction and charging fractions of a cent.
Novatti’s deployment of AUDD on the XRP Ledger follows their successful utilization of Ripple’s On-Demand Liquidity service in cross-border remittances between Australia and the Philippines.
By integrating AUDD into their suite of payment solutions, Novatti aims to provide faster, more secure, and cost-effective payments to consumers while tapping into the growing demand for digital currencies.
This development aligns with Novatti’s participation in the CBDC pilot by the Reserve Bank of Australia and Digital Finance CRC, which explores the use cases of central bank digital currencies in Australia.
Related Reading | Gary Gensler On The Edge; Congressmen Introduce Bill To Expel SEC Chair