XRP's price significantly surged past $3.65 due to increased institutional interest and market activity. This event also allowed the cryptocurrency to surpass Tether in market capitalization.
XRP's Price Reaches $3.65 With Institutional Support
XRP's price exceeded $3.65, made possible by institutional support. Ripple Labs, led by Brad Garlinghouse and David Schwartz, managed to navigate regulatory barriers, facilitating price growth. Substantial market activity marked XRP's rise, attracting both institutional and retail investors. XRP reached significant volumes, surging 135% in spot volume, making it highly attractive in crypto markets.
XRP Overtakes Tether in Market Capitalization
This surge has strengthened XRP's position, allowing it to overtake Tether in market capitalization. Market analysts forecast further upward movement, with an estimated target of $5. Analyst Austin Hilton noted: "With bullish momentum showing no signs of slowing down, XRP could reach $5 by the end of July. I attribute this potential increase to strong liquidity flowing across the broader market, combined with rising demand and sustained bullish sentiment as the market enters a new phase of its cycle."
Historical Highs and Market Booms of XRP
XRP's current metrics parallel its 2018 performance ahead of broader crypto gains. Historical spikes in XRP often correlate with broader market booms in altcoins and DeFi tokens. Analysts anticipate further price increases as XRP's trading volumes reach historic highs. Experts cite potential regulatory shifts in favor of cryptocurrency as a contributing factor.
XRP's growth has largely been driven by institutional interest and positive market trends. The cryptocurrency continues to capture attention, and analysts believe it may reach new heights in the coming months.
