XRP Climbs to Third Place in Cryptocurrency Market Cap Rankings
With a remarkable surge in value, XRP has ascended to the third position among cryptocurrencies by market capitalization. This ascent comes after a significant increase of over $30 billion in value within the past week alone, reflecting a robust growth trajectory.
XRP’s Impressive Market Cap Growth
As of July 12, the market capitalization of XRP stood at an impressive $163.98 billion, a substantial rise from its previous week’s valuation of $131.41 billion. This represents an increase of approximately $32.57 billion. Notably, on July 11, XRP reached a peak market cap of $171.88 billion, showcasing its strong appeal to investors.
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XRP’s Price Dynamics
The upward momentum in market capitalization has also positively affected XRP’s price, which is currently challenging the $3 resistance level. At the time of writing, XRP is trading at $2.77, marking an almost 25% increase over the past week and more than a 7% rise in a single day. This price action reflects growing investor confidence and heightened market activity.
Reasons Behind XRP’s Rally
The recent rally in XRP can be attributed to its ability to mirror broader market trends, particularly as Bitcoin (BTC) has reached an unprecedented high of over $118,000. Technically, XRP’s breakthrough above the $2.30 resistance level has catalyzed further capital inflows, fueling its upward trajectory.
Moreover, on-chain analytics from Santiment reveal that as XRP nears the $3 mark, market interest is rapidly increasing. On July 11, a remarkable 6,939 new XRP wallets were created in a single day, marking the highest daily figure since March 1. Social media activity has also surged, with XRP now being discussed in more than 5.5% of all cryptocurrency-related conversations, a level last observed on March 18.
XRP’s Fundamental Strength
Beyond technical factors, institutional developments have significantly bolstered XRP’s market sentiment. Ripple’s stablecoin, RLUSD, is gaining traction in cross-border remittances, as evidenced by Visa’s partnership with Yellow Card to facilitate transactions in Africa.
Additionally, XRP’s momentum is buoyed by growing anticipation of a potential resolution in the protracted legal dispute between Ripple and the Securities Exchange Commission (SEC). Signs of a possible settlement have injected optimism into the market.
Furthermore, speculation about the potential approval of an XRP spot exchange-traded fund (ETF) has intensified interest among institutional investors, who are closely monitoring the asset’s long-term prospects.
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