XRP, the token of Ripple Labs, is showing significant growth following an important announcement of collaboration with one of the largest banks in the U.S., BNY Mellon. We discuss the current state of XRP and its history.
XRP Rally Fueled by Institutional Confidence
Over the past seven days, XRP has gained 26.16%, outperforming top cryptocurrencies like Bitcoin, Ethereum, and Solana. With a market cap of $164 billion, XRP currently ranks as the third-largest cryptocurrency in the world. This growth is partly attributed to Ripple's announcement that BNY Mellon, the oldest bank in the U.S., will be the primary custodian for reserves backing the new U.S. dollar-pegged stablecoin, RLUSD.
Legal Headwinds Ease as Ripple Closes SEC Chapter
Ripple's long-running legal battle with the U.S. Securities and Exchange Commission (SEC) has been de-escalating in recent months. The company recently dropped its appeal against the regulator, signaling a desire to move forward. Meanwhile, the current U.S. administration has taken a softer stance toward the crypto industry, reducing litigation and encouraging the development of regulatory frameworks. These shifts have reignited optimism among investors and analysts alike.
Flashback: Snoop Dogg’s Surprise Appearance at Ripple’s 2018 Celebration
In May 2018, XRP attracted attention not only for its market behavior but also for Snoop Dogg's performance at a private Ripple-hosted afterparty during the Consensus blockchain conference in New York. Although Snoop refrained from offering any investment advice or crypto endorsements, this fact marked an important moment in XRP's history and potentially influenced new interest from outside the traditional crypto space.
XRP is once again the subject of widespread interest as favorable regulatory shifts and institutional involvement breathe new life into the token. While it still trades below its all-time high, the current trajectory suggests strong potential ahead.
