The price of XRP has increased by over 8% in the past 24 hours to become the top-performing digital asset in the cryptocurrency top ten.
The token's price has risen by over 22% in the past week, with trading volume jumping to $2 billion from Sunday’s $1 billion, CoinGecko data shows.According to YouHodler Chief of Markets Ruslan Lienkha, there are "several factors" pushing up the price of XRP at the moment. He underscored Ripple's "quite successful confrontation" with the Securities and Exchange Commission, and the company's involvement in global CBDC projects.
"There is Ripple’s aggressive marketing, big CBDC projects in cooperation with some governments, and also a very favorable bullish sentiment in the current crypto market, however, note that the price has not overcome the previous high in July," Lienkha added.
"This could be a healthy sign of a cascade spillover down to other smaller assets as seen in past bull cycles. Moreover, it represents a broader positive sentiment on the asset class apart from the ETF approval narrative," CTF Capital said in an emailed note.
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