XRP’s Market Cap Hits $60 Billion for the First Time in 90 Days

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XRP's Market Cap Hits $60 Billion for the First Time in 90 Days
XRP's Market Cap Hits $60 Billion for the First Time in 90 Days

As the price of cryptocurrencies rose from $1.05 to $1.34, XRP saw tremendous retail demand over the past 48 hours. On August 15, 2021, the total market value of XRP exceeded $60 billion for the first time since May 19, 2021.

XRP: The Best Performing Crypto for the Past 7 Days

According to the latest data released by Coinmarketcap, XRP is still the best-performing cryptocurrency among the top 10 for the past 7 days, with an increase of more than 60%. The worlds sixth-largest cryptocurrency is currently trading at just under $1.30, with a market value of around $60 billion.

The recent surge in demand for XRP comes after San Francisco-based blockchain company Ripple announced multiple partnerships to increase the company’s use of XRPL’s RippleNet global financial network.

Last week, Global Money Express (GME Remittance), one of South Korea’s largest non-bank remittance service providers, announced that it had joined RippleNet to work with Thailand’s largest bank by market cap, Siam Commercial Bank (SCB). After GME announced its partnership with RippleNet, XRP rose nearly 10%.

On August 15, 2021, XRP briefly exceeded the market value of the stable currency tether (USDT).

XRP and the Cryptocurrency Market

In addition to the recent increases in XRP, several other digital currencies such as Dogecoin (DOGE), Cardano (ADA) and Binance Coin (BNB) have seen strong increases in the past 7 days. After soaring around $800 billion in the past three weeks, the total market value of cryptocurrency assets jumped to more than $2 trillion on Sunday.

Santiment said:

“XRP has pumped to $1.34 today for an impressive 3-month high. Before it decoupled from the crypto pack, we saw hints of development activity skyrocketing. XRP’s team is now submitting the highest GitHub activity rate in the asset’s history. Though altcoins like XRP and Cardano have been getting the lion’s share of attention after their pumps, Ethereum’s three-month high of $3,329 has been a nice surprise. Miners balances have notably shot up to a 3-month high of 130.82k ETH recently.”