Popular cryptocurrency XRP has witnessed a substantial surge in market capitalization, increasing by over $3.2 billion within a 24-hour period, according to data from CoinMarketCap. This surge has seen XRP's market valuation rise from $31.51 billion to $34.55 billion, marking a significant 9.5% increase.
Currently positioned as the sixth-largest digital asset by market capitalization, XRP's recent surge further solidifies token's prominence within the crypto market. Comparatively, this places XRP in a similar league by size to globally recognized companies such as Baker Hughes or KIA.
The surge in market capitalization aligns with a notable increase in XRP's price as it is one of the top-performing tokens among the top 10 cryptocurrencies over the past day. With a 6% price increase, XRP has reached $0.63 per token.
Although not a new peak for XRP, this price point represents a substantial recovery from recent declines observed when its price fell to $0.568 per XRP, amid a broader market downturn just two days ago.
This surge is indicative of investor interest, as buyers have shown the willingness to capitalize on market opportunities, driving demand and subsequently elevating XRP's price. With investors demonstrating confidence and adaptability, XRP stands poised to take center stage in the upcoming days amid the volatile dynamics of the crypto market.