Ripple’s XRP token saw a price increase on Monday, trading at $2.23, up from $2.21, marking a 0.71% gain over the past 24 hours. The daily trading volume surged by 106.78%, with nearly $2.82 billion worth of XRP changing hands.
This high volume indicates strong investor interest, likely driven by expectations of short-term price gains. Over the past week, XRP’s price rose by 2.40%, pushing its total market capitalization to approximately $131 billion.
Among other cryptocurrencies, Kaia, AB, and SPX6900 were the top gainers in the last 24 hours, while DeXe, Vaulta, and Celestia experienced the biggest losses.
Several factors influence cryptocurrency prices:
New token launches and exchange listings usually boost demand and liquidity, which tends to raise prices.
Hacks cause panic selling, often leading to sharp price drops in affected tokens.
Macroeconomic events, such as US Federal Reserve interest rate decisions, impact crypto prices by affecting the US dollar’s strength. Higher interest rates typically depress crypto prices, while a weaker dollar can push prices up.
Major upgrades like halvings reduce supply and are generally bullish for prices.
Looking ahead, XRP’s price trajectory depends heavily on regulatory clarity and institutional adoption. Analysts are watching closely for the outcome of the Ripple lawsuit and potential approval of an XRP spot ETF, events that could act as catalysts for significant price moves.
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