XRP price touched $ 0.74 on Monday after the digital currency gained nearly 20% in value in the past 24 hours, achieving its highest weekly close in the past 35 months.
It closed last week at $ 0.63 on the Bitstamp stock market on April 4, and did not exceed $ 0.69, the May 2018 closing.
The price of the cryptocurrency gained momentum after Ripple acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment companies.
According to the latest data published by Coinmarketcap, XRP is the 7th largest cryptocurrency in the world. The digital asset has a market value of approximately $ 33 billion. XRP is now more valuable than Uniswap, Chainlink and Litecoin.
The XRP price took a major hit in December 2020, after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its managers. Since then, the price of XRP has been on the rise. The digital currency has now erased all losses that occurred after the SEC’s lawsuit, and even managed to surpass its previous price.
As of the time of writing, XRP with a market value of $ 32.8 billion is trading close to $ 0.72. The cryptocurrency has gained more than 200% since the start of 2021. While XRP has increased by nearly 30% in one week, it has remained the best performing digital currency among the top 10 in the past 7 days.
XRP adoption has grown significantly in the past few months as several organizations around the world have started using Ripple for cross-border transactions. We can say that this also has a positive effect on the price.