In a stunning turn of events, the market capitalization of the renowned cryptocurrency XRP witnessed an impressive surge, gaining more than $300 million at the commencement of Sunday's crypto market session.
According to data from CoinMarketCap, this surge unfolded in tandem with a 1% increase in XRP's price, pushing it to $0.573 per token and elevating the token's market capitalization to over $31 billion.
However, the euphoria was short-lived as the market experienced what is commonly referred to as a roundtrip. The price of XRP retraced to its opening day values, causing the token's capitalization to shrink by the same $300 million. Currently positioned as the sixth-largest cryptocurrency, XRP finds itself nestled between USDC and Solana (SOL) on the market ranking.
The noteworthy surge in XRP's market cap took place shortly after the announcement of its inclusion in the Grayscale Digital Large Cap Fund. While the price of XRP showed minimal reaction to the news initially, the sudden and substantial boost in market capitalization suggests a significant influx of large-scale buying activity surrounding the cryptocurrency.
As XRP continues to hold its ground as a major player in the crypto space, market enthusiasts are keenly anticipating how this surge may shape the future price dynamics of the popular cryptocurrency. The inclusion in the Grayscale fund has evidently sparked considerable interest and activity around XRP, prompting speculations about potential developments in the near future.