Solana
XRP surges 40% in a week, topping Solana’s trading volume
The price of XRP, Ripple’s native token, has surged more than 40% in the past week amid a confluence of positive developments for the cryptocurrency.
They include the launch of new financial instruments for XRP and a potential change in the regulatory landscape.
According to data from CoinGeckoXRP price currently stands at $0.6097, up 7.2% on the day and 40.6% on the week, with the cryptocurrency also surpassing Solana in 24-hour trading volume.
XRP recorded a 24-hour trading volume of $4.39 billion, surpassing Solana’s $2.78 billion, further cementing its position as a major player in the cryptocurrency market.
XRP’s upward trajectory began last week after a announcement by CME Group and CF Benchmarks regarding the introduction of indices and reference rates for cryptocurrency.
This development was seen as a step towards wider institutional adoption and integration of XRP into traditional financial markets.
Crypto analytics firm Santiment has note a significant shift in trader sentiment towards XRP.
“With the emergence of XRP this week, bullish narratives have erupted,” the company said in a statement, contrasting the bearish sentiment surrounding Cardano. Santiment added that “countertrading the crowd consensus could prove profitable.”
Ripple Labs Enters the Political Fray
In a related development, Ripple Labs has made waves in the political arena.
The company recently donated $1 million to the Commonwealth Unity Funda new super political action committee (PAC).
This PAC, created by lawyer James Murphy, aims to to remove crypto-skeptic US Senator Elizabeth Warren from office and support the election of pro-crypto lawyer John Deaton.
The donation, made on May 15, comes at a time when Ripple is engaged in an ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The SEC alleged that Ripple, whose founders were behind the development of XRP, engaged in unregistered securities sales in the form of XRP.
Wave with vehemence competition the claim, and won a partial legal victory last year when a judge governed that the XRP token “is not necessarily a security on its face,” except when it was sold to raise funds from institutions.