Ripple's XRP Dethrones Bitcoin and Ethereum Kings

XRP is considered the fourth-largest cryptocurrency in terms of market capitalization. It has seen a significant surge in the past 24 hours, surpassing the performances of Bitcoin (BTC) and Ether (ETH). This increase is believed to be associated with the growing adoption of Ripple’s crypto platform by financial institutions in various countries.

$XRP has spiked in the past 24 hours to become the top-performing crypto major, as $BTC and $ETH held steady.

Bulls may have reacted to last week's news @Ripple won key approvals to operate and offer services in Georgia and Dubai.https://t.co/gTWSAPemlx pic.twitter.com/9fxj9Yvg2T

— CoinDesk (@CoinDesk) November 6, 2023

XRP’s price surges by more than 10%

XRP has surged by more than 10% in 24 hours, rising from 63 cents to 70 cents. According to CoinGecko data, the trading volume has also doubled, increasing from $1 billion to $2 billion.

Ripple’s XRP crypto has even surpassed BNB in terms of market capitalization, reaching $32 billion.

Analysts believe that the XRP surge is a result of market demand in the spot market. The liquidations on futures contracts have not been significant. They also suggest that Ripple’s XRP might be benefiting from a catch-up effect compared to other major cryptocurrencies that have experienced more significant gains in recent months.

Ripple Secures Key Approvals in Georgia and Dubai

Last week, Ripple announced obtaining significant authorizations to operate and offer its services in Georgia and Dubai.

In Georgia, the National Bank of Georgia approved RippleNet’s messaging system to facilitate cross-border transfers. In Dubai, the Dubai Financial Services Authority has granted an innovation license to Ripple, allowing the crypto company to test its payment solutions in the region.

These developments certainly reinforce investor confidence in the growth potential of Ripple and its XRP crypto token.

Despite this performance, Ripple’s XRP faces legal challenges in the United States. The outcome of the ongoing lawsuit with the SEC could significantly shape the future of this crypto. Stay tuned for updates.