Ripple (XRP) Skyrockets, Adds Whopping $2.5B in Market Cap Within 24 Hours

With a remarkable performance, Ripple (XRP) has added a staggering $2.5 billion to its market cap within just 24 hours. As the cryptocurrency market witnesses an overall uptrend, XRP hits $0.57 today, marking an impressive 4.8% increase within the last day, according to CoinMarketCap.

The surge in market capitalization becomes a focal point, propelling XRP from $28.72 billion to an outstanding $31.17 billion in a single day—a significant 4.9% increase, amounting to around $2.5 billion added to the figure.

Heading into 2024, optimism surrounded XRP’s performance, with industry experts anticipating a bright year for the sector. Ripple, despite a sluggish start to the year, makes a striking comeback.

Ripple’s recent acquisition of New York-based Standard Custody and Trust Co. adds to the positive momentum. This strategic move strengthens Ripple’s position in the United States and expands its list of licenses.

Today’s surge aligns with an important price breakthrough, surpassing $0.55, showcasing a remarkable positive trend. Although experiencing a slight retreat to $0.54, XRP maintains an overall 4.8% increase in the last day and over 10% in the last week. Notably, this contrasts with its negative performance last month, experiencing a 3.5% price decrease.

The ongoing SEC lawsuit against Ripple stands as a primary factor that could potentially trigger a massive rally for XRP.

With the recent court ruling in Ripple’s favor, stating that XRP is not a security, the lawsuit enters its remedies phase, possibly reaching a resolution this year. A favorable outcome might pave the way for XRP exchange-traded funds (ETFs) and heightened investor demand.

If Ripple wins this high-profile legal battle, it could soar to between $544 and $629 by 2050, according to predictions by Changelly.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source