XRP Makes Significant Price Gains, Adding $1 Billion to Market Cap
Amidst the overall positive performance of the cryptocurrency market, XRP has also experienced price increases. In just 24 hours, XRP’s market capitalization grew by $1.18 billion, reaching $29.66 billion. This represents a growth rate of 4.12%. The current price of XRP stands at $0.554, with a 4.44% increase in the past day and a 7.25% increase over the last week.
XRP’s Rally and Its Potential in Cross-Border Payments
The recent surge in XRP’s value is not only due to the bullish sentiment in the crypto sector but also because of expectations that US banks may utilize it for cross-border payments once the legal case between Ripple and the SEC is resolved. This development has sparked optimism among investors.
Dumping XRP into Ripple’s Treasury Account
Interestingly, a dormant crypto wallet address controlled by Ripple recently transferred 100 million XRP worth $53.5 million to the company’s treasury account. This account is used to hold liquid reserves for future sell-offs.
Predictions for XRP’s Future Price
CoinCodex, a crypto and stock analytics platform, predicts that XRP will continue to see price improvements by the end of February. Their advanced AI algorithms forecast an optimistic price target of $0.70 by February 29, 2024.
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