XRP News Today: XRP Surges 25% in a Week, Hits Third Spot in Crypto Rankings

XRP has surged to the third position in the cryptocurrency rankings by market capitalization, following a substantial $30 billion inflow over the past week. As of July 12, XRP's market capitalization stood at $163.98 billion, up from $131.41 billion a week earlier, marking an increase of approximately $32.57 billion. Notably, XRP's market cap peaked at $171.88 billion on July 11.

This surge in market capitalization has also driven XRP's price, which is now testing the $3 resistance zone. At the time of writing, the token was trading at $2.77, reflecting a nearly 25% increase over the last seven days and a more than 7% gain on the daily chart. This price momentum is attributed to XRP's ability to track broader market sentiment, which has seen Bitcoin (BTC) hit a new all-time high above $118,000. Technically, XRP's break above the $2.30 resistance level has helped unlock further capital inflows.

On-chain data from analytics platform Santiment indicates that as XRP approaches $3, market interest has notably picked up. For instance, 6,939 new XRP wallets were created in a single day, the highest daily figure since March 1. Additionally, social media activity has spiked, with XRP now featuring in over 5.5% of all cryptocurrency-related discussions, a level last seen on March 18. This heightened interest suggests that investors are increasingly bullish on XRP's prospects.

Beyond technical drivers, institutional developments have also buoyed sentiment. Ripple’s stablecoin, RLUSD, is seeing increased adoption in cross-border remittances, highlighted by Visa’s partnership with Yellow Card to facilitate settlements in Africa. This partnership underscores the growing utility of XRP in real-world applications, further enhancing its appeal to investors.

Moreover, XRP’s momentum has been supported by growing anticipation of a potential resolution in the long-running legal battle between Ripple and the Securities Exchange Commission (SEC). Signs that the two parties are moving closer to a settlement have fueled optimism among investors. Speculation around the possible approval of an XRP spot exchange-traded fund (ETF) has further fueled interest, as institutional investors eye the asset’s potential. This combination of technical strength, institutional adoption, and legal developments has positioned XRP as a formidable player in the cryptocurrency market, with its third-place ranking reflecting its growing influence and investor confidence.