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XRP Rockets Into Top 4 Crypto Spot with Phenomenal Surge, Here’s Why

Ripple XRP, has recently emerged as one of the top 4 cryptocurrencies by market cap, overtaking BNB, as per market data.
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XRP Rockets Into Top 4 Crypto Spot with Phenomenal Surge, Here’s Why

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).

Data Source: Coinmarketcap
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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.

Also read: Shiba Inu Coin Price Prediction: Why SHIB Is Set For A Massive Rally This Week

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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.

Also read: Ripple CLO Stuart Alderoty Slams Gensler’s Stance On Crypto Legal Counsel As ‘Threat To Rights’

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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