- XRP has seen massive gains, jumping 15% overnight and outperforming other major cryptocurrencies in the last 24 hours.
- XRP’s price surge is due to positive developments like regulatory approval in Dubai and a partial legal win against the SEC in Ripple’s lawsuit.
- XRP has exceptional upward momentum, with gains of 115% overnight, 24% in the past week, and 45% year-to-date.
XRP has seen a massive price surge, outperforming all other major cryptocurrencies over the last 24 hours. The fifth-largest crypto by market cap has jumped 15% overnight to over $0.71, showcasing its most bullish performance in months.
Recent Positive Developments
There are a few key reasons investors may be growing more optimistic about XRP’s future:
- Ripple Receives Regulatory Approval in Dubai
Ripple recently gained approval from the Dubai Financial Services Authority (DFSA) for use of XRP within the Dubai International Financial Centre (DIFC). This allows over 4,300 DIFC companies to integrate XRP into their operations.
- Partial Win in SEC Lawsuit
In July, a federal judge ruled that XRP is not a security in certain contexts, handing Ripple a partial victory in its legal battle with the SEC. This was seen as a positive development for XRP.
Surging Upward Momentum
- Up 115% Overnight
XRP has shot up 115% over the last 24 hours, making it the top performer out of the major cryptocurrencies.
- Up 24% Over the Past Week
Zooming out further, XRP has jumped 24% over just the past 7 days, showcasing its exceptional short-term momentum.
- Up Over 45% Year-to-Date
Despite some ups and downs, XRP is still up a whopping 45% since the start of 2022, beating Bitcoin and many other altcoins.
The Wider Crypto Market
XRP isn’t the only crypto on the rise – Bitcoin and Ethereum have also seen modest gains, trading at $35,095 and $1,904 respectively. While XRP may be leading the rally, the broader crypto market seems to be in an uptrend as well.
With its remarkable overnight double-digit surge, regulatory wins, and upward momentum over the past week, XRP is looking extremely bullish right now. The crypto asset seems poised to continue outperforming the market in the short term if these positive tailwinds persist.