The crypto realm has witnessed quite the frenzy as Ripple’s XRP token went through a phenomenal surge today November 6.
According to the recent market data offered by Coin Market Cap, one of the world’s leading cryptocurrency price tracking platforms, XRP, a cryptocurrency token backed by Ripple Labs, is now emerging as one of the top 4 cryptocurrencies by market cap.
As of writing, the XRP token overtook BNB, making the XRP token rank among the top 4 cryptocurrencies, alongside Bitcoin (BTC), Ethereum (ETH), and Tether USD (USDT).
XRP Price Rallying
As per the recent market data, the XRP price witnessed substantial gains within the past 24 hours. The token was up by 11% during the past twenty-four hours while the weekly price surged by a whopping 26.71%. As of writing, the XRP price was trading at $0.7167, with a marginal increase of 3.52% over the past hour.
The aforementioned data portrays a constant surge in the XRP crypto price following the recent advancements made by the Ripple community to jack up the XRP tokenomics.
Moreover, with the current twenty-four-hour trading volume soaring by 85.85%, investors and traders are keenly eyeing the token, hoping for a much better outlook for the XRP token’s future.
Ripple Community Building Up Support For The XRP Token
The recent XRP price surge appears to come in alignment with the recent advancements made by the Ripple community.
Earlier this year, Ripple Labs announced various successful collaborations within the crypto realm, fostering a new era of growth for the community. As reported by Coingape media earlier, Ripple Labs collaborated with the National Bank of Georgia, advancing the Digital Lari CBDC pilot.
In addition, last week, Ripple Labs announced that the Dubai Financial Services Authority (DFSA) has approved the use of its affiliated digital asset, XRP, in the Dubai International Financial Centre (DIFC). This approval signifies the official recognition of XRP as a digital asset by the DFSA, allowing licensed firms in the region to include it in their cryptocurrency services.
Besides, the US SEC vs. Ripple Labs appears to have been pivotal, considering the recent XRP surge. As per reports, the US SEC vs Ripple Labs lawsuit resulted in a partial win for the Ripple community, which in turn, spells out why the XRP token is continuously advancing.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.