With the recovery of the cryptocurrency market, XRP has returned above $0.50. Currently priced at $0.50, with a 24-hour trading volume of approximately $200 million and a market capitalization of $2.835 billion, reflecting a 24% price increase in the last 11.1 hours. Its all-time high was reached on April 2018 at $3.92, indicating that XRP still has a long way to go.
The recent surge in XRP price comes after CME and CF Benchmarks announced new indices and reference rates, which Ripple CEO Brad Garlinghouse believes will drive institutional adoption. Market conditions, including selling pressure from Mt. Gox and liquidation of Bitcoin from Saxony, Germany, have made buyers cautious.
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Analysts suggest that major tokens and altcoins are unlikely to experience significant increases before Bitcoin. However, XRP’s institutional support and strategic positioning may continue to drive its growth.
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