After retracing over 40% in recent trading, the price of XRP is up 16% in the past 24 hours, currently trading around $0.52.
XRP’s price essentially doubled last week after Ripple hinted that its xRapid product could be released in the coming months and announced that U.S. regional bank PNC Financial Services Group (PNC) will be joining RippleNet. The price then cooled off as investors began to lock in gains from an exceptionally bullish week.
The latest surge in price comes after Coinbase announced that it has instituted a new process that will allow for faster listing of top altcoins based on compliance with local regulators. This essentially means that Coinbase is planning on rapidly listing coins and only making them available in regions that allow investors access.
Unsurprisingly, investors view this news as bullish for XRP, as a listing on Coinbase has long been predicted and anticipated for the 3rd largest cryptocurrency.
The recent increase in XRP’s price has helped spark an initial turnaround in the larger crypto market. The AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens, is currently up nearly 2% over the last 24 hours after falling nearly 10% over the last few days.
XRP now has a $20.5 billion market cap, which is notably within $1 billion of the next largest cryptocurrency, Ethereum (ETH).
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.