With the recovery of the cryptocurrency market, XRP has returned above $0.50. Currently, the price of XRP is $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 past 11.1 hours. Its all-time high was reached at $3.92 on April 2018, 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 benchmark 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 surges. However, the institutional support and strategic positioning of XRP may continue to drive its growth. [img]