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XRP’s Stunning 23.2% Surge Propels Price Beyond $2 in 24 Hours

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  • XRP Becomes 3rd Largest Cryptocurrency by Market Value
  • XRP bounces back after SEC lawsuit, recovering from $0.1037.
  • Three firms file for spot ETFs tied to XRP’s growing market cap

XRP has overtaken USDT to become the third-largest cryptocurrency globally. Its surging value, strong trading volume, and ETF filings mark its growing influence in the digital asset market. XRP’s resilience and rebound after SEC lawsuit, showcases its potential amid challenges.

XRP Surpasses USDT in Global Market Capitalization

XRP has displaced USDT as the third most valuable cryptocurrency in the market behind Bitcoin and Ethereum. This development highlights its growing popularity and demand in the international cryptocurrency market. This shows that XRP’s growing market value is attracting both institutional and retail investors. 

XRP traded on Upbit, the largest South Korean cryptocurrency exchange, with a daily trading volume of $3.69 billion which represents 27.35% of the platform’s total volume. Bitcoin saw a lower trading volume of $339 million while Ethereum trading volume was at $225 million. This shift shows that XRP’s demand is growing in key markets like South Korea.

XRP Rebounds Strongly Despite Past SEC Lawsuit Impact

XRP has demonstrated resilience after its price dropped to $0.1037 because of the lawsuit by the U.S. SEC. its rebound and move past the $2 to trade at $2.33 which reflects 23.2% increase in just 24 hours. This recovery has helped to strengthen investor confidence and showed its market capability.

The total market value of XRP has surged to $132.8 billion surpassing Solana to become the fourth largest cryptocurrency globally. This shift shows XRP’s capability to handle regulatory  challenges and maintain investors’ confidence. The increase in value places XRP in a strategic position within the cryptocurrency markets.

XRP ETFs Filed by Bitwise, Canary, and 21Shares

There has been increased institutional demand for Ripple’s XRP with three firms applying for a spot ETF tied to the cryptocurrency. Canary, Bitwise, and 21Shares have filed their applications to capitalize on XRP’s growing market. These filings highlight the increase in demand for regulated investment products in the digital asset space.

More issuers are likely to file for similar ETF products as XRP gains more popularity in the international markets. This trend could increase XRP’s accessibility to institutional and retail investors and thus cement its place in the cryptocurrency market. This wave of ETF filings signals confidence in XRP’s long-term potential.