The XRP price jumped above $1.50 on Tuesday after a gain of nearly 15% in the last 24 hours. The total market cap of the world’s 4th largest digital currency crossed $70 billion for the first time since January 2018.
According to the latest data published by Coinmarketcap, the total value of XRP is now more than the market cap of French banking giant, BNP Paribas. The Paris-based banking group currently has a market cap of nearly $64 billion.
The latest jump in XRP price came after a surge in demand from retail traders. The price jumped from $0.55 to as high as $1.58 within the last 2 weeks.
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Ripple, the San Francisco-based blockchain company, announced in March 2021 that the company has acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms. XRP price experienced a major jump following the news.
The world’s 4th largest digital currency is now up by nearly 600% since the start of this year. XRP was trading near $0.23 on 1 January 2021 after a crash of nearly 60% caused by the lawsuit filed by the US Securities and Exchange Commission (SEC) against Ripple and its two executives for selling unlicensed securities in the form of XRP.
Adoption of XRP Ledger
As a technology, XRP Ledger (XRPL) has seen significant adoption since the start of this year. According to a report published by CPA Australia, the central bank of France is actively considering Ripple and XRPL technology for the launch of a central bank digital currency (CBDC). Ripple announced in March 2021 that the company is testing a private version of the XRP Ledger to support CBDCs. During an interview with Reuters, Ripple CEO Brad Garlinghouse said that the company is growing in Asia.
XRP price is getting support from the recent positive news regarding the adoption of XRPL. As of writing, XRP is trading near $1.57 with a market cap of $72 billion which is the highest level since January 2018.