The price of the native token of the XRP Ledger, XRP, has been outperforming the wider cryptocurrency market over the last 24-hour period, having risen by 4.7% at a time in which most digital assets are down over the same period.
According to data from CryptoCompare, XRP is currently trading at $2.35 after its rise and is currently the fourth-largest digital asset by market capitalization after losing its podium position to leading stablecoin Tether (USDT) amid a wider crypto market downturn earlier this month.
Meanwhile, Bitcoin, the flagship cryptocurrency, is up around 0.3% over the last 24-hour period to now stand at around $98,000, down from a $103,700 all-time high seen earlier this month. The only other top altcoins that are up over the same period are Solana, which moved up 2.5%.
IMG
Other major cryptocurrencies, including ETH, DOGE, BNB, ADA, TRX and more are all down between 2% and 4% over the past day. Tokens outside of the top 10, including SHIB and TON seeing minor gains over the past day.
The price of XRP after the New York Department of Financial Services (NYDFS) gave Ripple’s RÇUSD stablecoin the greenlight to advance, and according to Ripple CEO Brad Garlinghouse, “exchange and partner listings will be live soon.”
As CryptoGlobe reported, last week, cryptocurrency investment products offering exposure to XRP saw inflows of $134.3 million, nearly half of the $275 million inflow these products have seen year-to-date, according to CoinShares’ Digital Asset Fund Flows report.
These inflows came during a week in which cryptocurrency investment products saw their highest inflows ever, with investors pouring $3.85 billion into these funds amid the cryptocurrency market rally.
Featured image via Pixabay.
