XRP Market Cap Reaches $60 Billion for the First Time in Three Months

XRP saw immense retail demand in the last 48 hours as the price of the cryptocurrency jumped from $1.05 to as high as $1.34. On 15 August 2021, the total market cap of XRP crossed $60 billion for the first time since 19 May 2021.

According to the latest data published by Coinmarketcap, XRP remained the best-performing cryptocurrency among the top 10 in the last seven days with substantial gains of more than 60%. The world’s 6th largest cryptocurrency is currently trading near $1.30 with a market cap of approximately $60 billion.

The latest jump in demand for XRP came after Ripple, the San Francisco-based Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term company, announced several partnerships to increase the use of RippleNet, the global financial network of the company and XRPL.

Last week, Global Money Express (GME Remittance), one of the largest non-bank remittance service providers in South Korea, announced that the company has joined RippleNet to partner with Siam Commercial Bank (SCB), Thailand’s largest bank in terms of market capitalization. XRP jumped by nearly 10% following GME’s RippleNet announcement.

On 15 August 2021, XRP briefly crossed the market cap of Stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term Tether (USDT).

XRP and Cryptocurrency Market

In addition to the latest jump in XRP, several other digital currencies including Dogecoin (DOGE), Cardano (ADA) and Binance Coin (BNB) saw strong gains in the last seven days. The total market cap of cryptocurrency assets jumped above $2 trillion on Sunday after the addition of approximately $800 billion in the last three weeks.

“XRP has pumped to $1.34 today for an impressive 3-month high. Before it decoupled from the crypto pack, we saw hints of development activity skyrocketing. XRP's team is now submitting the highest GitHub activity rate in the asset's history. Though altcoins like XRP and Cardano have been getting the lion's share of attention after their pumps, Ethereum's three-month high of $3,329 has been a nice surprise. Miners balances have notably shot up to a 3-month high of 130.82k ETH recently,” Santiment mentioned.