In what is an undeniable victory for the digital asset, Ripple (XRP) has added $1 billion to its market cap in just 24 hours. Indeed, the asset is coinciding with an overarching surge for a host of different cryptocurrencies. Subsequently, XRP has reached $0.55 today and is currently up almost 3% within the last day according to CoinMarketCap.
Moreover, the increase in market capitalization figures is the key point of intrigue for the asset overall. Specifically, XRP increased from $28.66 billion to a remarkable $29.66 billion in just one day. During that time frame, it added $1.18 billion to the figure, denoting a 4.12% increase.
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Ripple XRP Market Cap Surges as Price Surpasses $0.55
Heading into 2024, a lot of investors were optimistic about the performance of XRP. A plethora of experts saw a bright year for the sector as a whole, with Ripple standing out. Its legal conflicts were likely heading toward a conclusion, as the industry saw landmark developments such as the approval of 11 Spot Bitcoin ETFs.
Although the asset, and many others, had a slow start to the year, that appears to be turning around. Indeed, as many assets have turned positive today, Ripple (XRP) added a remarkable $1 billion to its market cap in just 24 hours. Moreover, that took place as its price ascended to a crucial level.
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Specifically, the asset surpassed $0.55 in what was a key increase. Although it did retreat to $0.54, it is still up almost 3% on the last day. Additionally, the asset is still up more than 7% in the last week. That turn of fortunes replaces what was a 3.5% decrease that had been building over the last month.
Ripple made headlines this week when it announced its acquisition of New York-based Standard Custody and Trust Co. in a massive deal. Subsequently, the move situates the firm better to participate in the United States. Moreover, it adds to its growing list of licenses in the country.