XRP Marks a Significant Milestone with Unexpected Surge in Market Capitalization

In a significant development today, XRP has experienced an unexpected surge, resulting in a remarkable $1.7 billion increase in its market capitalization within a brief span of four hours. Analysis from CoinMarketCap indicates a swift ascent from $33.21 billion to an impressive $35.3 billion, marking a notable milestone for the digital asset.

Image from coinmarketcap

The surge in XRP's market capitalization was propelled by a sharp uptick in its price, surging from $0.588 to $0.643, signifying a noteworthy 6.76% increase. This surge positions XRP prominently among the most profitable large-scale crypto assets of the last 24 hours, garnering considerable attention and interest across trading platforms.
Accompanying the surge in price, there was an increase in trading volumes, further highlighting the heightened activity surrounding XRP. CoinMarketCap data reveals a 54.46% rise in spot trades, totaling a substantial $2.44 billion, while CoinGlass reports a significant 78.76% surge in derivatives trading, reaching $2.29 billion. This surge collectively contributed to a total trading volume exceeding $4.7 billion within a 24-hour period, indicative of fervent activity in token trading.

Image from Google

With its market capitalization now standing at $35.3 billion, XRP assumes a prominent position within the global financial landscape, surpassing esteemed corporations such as Electronic Arts, RyanAir and Baker Hughes. This places XRP among the top 600 companies globally. In the cryptocurrency hierarchy, XRP presently holds sixth place, nestled between Solana (SOL) and USD Coin (USDC).