Ripple (XRP) Market Cap Surges $540 Million in 24 Hours

On Feb 8, 2024

In a rather shocking development for the digital asset, Ripple (XRP) has seen its market cap surge a remarkable $540 million in just 24 hours. The asset has seen its overall value increase, although XRP is still not yet following the massive reversal upward.

Currently, XRP is trading at $0.51, and is up more than 1.6% over the last 24 hours, according to CoinMarketCap. However, the recent surge has propelled Ripple to the sixth-highest digital asset by market cap. Indeed, the asset has recently flipped USDC and has reached $28.15 billion.

Also Read: Ripple: XRP Could Hit $1.3 As This Pattern Emerges

Ripple Market Cap Gets Huge Jump Leading to XRP Opimistm

Throughout 2024, the digital asset industry has not yet caught fire the way many hoped. Among those that have failed to live up to expectations is Ripple (XRP). Moreover, the firm’s ongoing legal trouble with the SEC and a massive $112 million hack on the company’s co-founder has not filled many with anticipation over its impending movement.

However, that may be changing with a massive development. Indeed, Ripple (XRP) has seen its market cap surge to $540 million in just 24 hours. Although it hasn’t led to a game-changing increase in price, XPR has certainly benefitted from the overall market cap increase.

Also Read: Ripple [XRP] Weekend Price Prediction

Overall, the surge has fallen in line with the widespread positive sentiment that has been facing the digital asset sector. bitcoin also saw notable gains over the last 24 hours. Specifically, it rallied near the $45,000 level and reached a four-week high.

Investors are currently positioning themselves, with XRP trading volume increasing over the last 24 hours by 11%. Moreover, this is taking place amid a lull in overall trading activity in the digital asset market. Santiment reported that in February trading volumes dropped noticeably. Specifically, the volume noted a 22% drop from two weeks ago to the last.

Ripple (XRP) had previously fallen to the $0.486 level at the end of January. Since then, it has certainly enjoyed a rebound, but there is still more work to be done for bulls. Indeed, buyers must continue to push the asset upward, with the $0.54 level being necessary to implement a breakout.