XRP (XRP/USD) is the biggest gainer in the cryptocurrency market as of writing, outperforming the leading coins even as the markets register a slight upside on the first day of trading for stocks after the Christmas weekend.
A look at the market shows the XRP is up nearly 6% in the past 24 hours, the most gains among the top 10 cryptocurrencies. Indeed, Bitcoin (BTC) and Ethereum (ETH) are both just in the green, while Cardano (ADA) and Polygon (MATIC) are the next best performers on the day with 1.5% and 1.8% in gains respectively.
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Ripple’s XRP surges to lead crypto
XRP is currently trading around $0.3717, a price level that sees the 6th ranked cryptocurrency by market up 5.8% over the past 24 hours. Data from CoinGecko shows that XRP price is up by 9.6% in the past seven days, again the most gains among the top coins over the time frame.
On Binance, XRP traded to highs of $0.3731 and is currently looking to have a second green candle on the 4-hour chart after s light retreat earlier that saw it touch $0.3586.
Why has XRP price soared today?
While its not easy to pinpoint why XRP has surged more than the other top 10 coins, the gains come amid a positive sentiment within the XRP community. In particular, its the potential for a favourable outcome in the Ripple versus US Securities and Exchange Commission (SEC) case. The case that’s dragged for two years now is drawing towards a close and XRP could be declared not a security.
XRP’s price jump also follows the official launch of XRP-powered cross-border payments by Tranglo, a Malaysia-based company that recently partnered with Ripple Labs.
The company, which offers foreign remittances and mobile-based payments, expects its real-time transactions to soar over the next few years. Sharing the news on its Twitter page, Ripple said Tranglo’s real-time transactions will increase 3.5x by 2025.
Tranglo was founded in 2008, and has offices in Kuala Lumpur, Jakarta, Dubai, Singapore and London. Its services are available across 150 countries, with customers including over 5,800 mobile operators, 2,200 banks or wallets and more than 140,000 cash pickup points.