The cryptocurrency briefly crossed the market cap of Tether (USDT). 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 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 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. XRP briefly crossed the market cap of stable coin 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.