Amid significant price advances by the majority of assets in the cryptocurrency industry, XRP has been no exception, making increases on its daily and weekly charts, crossing the $0.55 price threshold, and adding more than $1 billion to its market capitalization in a single day.
Specifically, XRP’s market cap has raced from $28.66 billion to $29.66 billion in a matter of 24 hours, which means it has added $1.18 billion and grown by 4.12% during this time, according to recent data obtained by Finbold from crypto market analytics platform CoinMarketCap on February 15.
XRP price analysis
In the meantime, the XRP token is currently changing hands at the price of $0.554, after first surpassing the $0.55 mark, recording an increase of 4.44% in the last 24 hours and of 7.25% across the previous seven days, as it moves to reverse the 3.58% loss accumulated over the past month.
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As it happens, the asset’s rally doesn’t just go with the bullish sentiment in the crypto sector, but also with the expectations that banks in the United States might use it for cross-border payments after receiving legal clarity in the case between Ripple and the US Securities and Exchange Commission (SEC).
Interestingly, the XRP is also racing as a dormant crypto wallet address controlled by Ripple has recently woken up to dump 100 million XRP worth $53.5 million to the blockchain company’s treasury account used for keeping its liquid reserves for sell-offs, as Finbold reported earlier on February 14.
Meanwhile, the advanced artificial intelligence (AI) algorithms used by crypto and stock analytics platform CoinCodex have predicted that XRP would continue to improve its price by the end of February, as of press time setting it to hit a very optimistic $0.70 by February 29, 2024.
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