The price of XRP, the native token of Ripple, has skyrocketed by over 40% in the past week, amid a confluence of positive developments for the cryptocurrency.
They include the launch of new financial instruments for XRP and a potential shift in the regulatory landscape. Per data from CoinGecko, the price of XRP currently stands at $0.6097, up 7.2% on the day and 40.6% on the week, with the cryptocurrency also overtaking Solana in 24-hour trading volume.
XRP recorded a 24 hour trading volume of $4.39 billion, surpassing Solana’s $2.78 billion, further cementing its position as a major player in the cryptocurrency market. XRP’s upward trajectory kicked off last week following an announcement by CME Group and CF Benchmarks regarding the introduction of indices and reference rates for the cryptocurrency.
This development has been viewed as a step towards broader institutional adoption and integration of XRP into traditional financial markets.Crypto analysis firm Santiment has noted a significant shift in trader sentiment towards XRP.
“With XRP making an emergence this week, bullish narratives have erupted.” the firm said in a statement, contrasting it with the bearish sentiment surrounding Cardano. Santiment added that “counter-trading the crowd’s consensus could prove profitable.”
