XRP's price posted a 6% gain for the week, but the token remains behind other crypto assets. Let's look at five relevant factors impacting demand for this token.
XRP Surpasses Ethereum in Market Capitalization
XRP has officially become the second largest asset by fully diluted market cap, surpassing Ethereum. As of late April, XRP's fully diluted market cap was $208.4 billion, while Ethereum's was $192.5 billion.
New SEC Chair and Its Impact on XRP
Paul Atkins, the new SEC chair, assumed office on April 21, which may have a positive effect on the XRP market, considering the ongoing lawsuit against Ripple Labs. Atkins is known for his work developing best practices for cryptocurrencies.
Increased Interest in XRP from Large Investors
There has been heightened interest from whales, or large investors, actively buying XRP on dips in April. Accumulation of XRP by large addresses holding between 10-100 million tokens led to increased market activity.
The current dynamics surrounding XRP indicate significant interest from investors and potential price growth. Further attention from institutional investors can be expected in the near future.
