XRP News Today: XRP Surges 26.16% as BNY Mellon Joins Ripple Ecosystem

XRP, the native token of Ripple Labs, has recently experienced a significant surge in value following a major announcement involving one of the oldest banks in the United States. This surge has reignited interest in XRP, particularly among those who invested during a notable event in 2018 when Snoop Dogg performed at a Ripple-hosted afterparty during the Consensus blockchain conference in New York City.

Over the past week, XRP has gained 26.16%, outperforming other top-tier cryptocurrencies such as Bitcoin, Ethereum, and Solana. With a current market capitalization of $164 billion, XRP now ranks as the third-largest cryptocurrency globally. This momentum is partly driven by Ripple’s announcement that BNY Mellon will act as the primary custodian for reserves backing RLUSD, Ripple’s new U.S. dollar-pegged stablecoin. This move signifies a significant step forward in institutional integration for Ripple’s ecosystem.

Investor enthusiasm has also been fueled by growing expectations that XRP may soon be listed as a spot exchange-traded fund (ETF), with major firms including 21Shares, WisdomTree, and Grayscale filing applications with the SEC. Additionally, Ripple’s long-running legal battle with the U.S. Securities and Exchange Commission (SEC) has de-escalated in recent months, with the company dropping its appeal against the regulator. This shift, along with a softer stance from the current U.S. administration toward the crypto industry, has reignited optimism among investors and analysts.

Back in May 2018, XRP made headlines not just for its market activity but for a moment of cultural crossover. On May 15, 2018, Snoop Dogg performed at an exclusive Ripple-hosted afterparty during the Consensus blockchain conference in New York City. The event attracted major media attention, though Snoop refrained from offering any investment advice or crypto endorsements. Ripple later clarified that the rapper wasn’t paid in XRP, emphasizing that the night was a celebration for the community, not a promotional gimmick. The presence of such a high-profile artist at a blockchain event marked a unique moment in XRP’s history, potentially influencing new interest from outside the traditional crypto space.

Imagine someone had discovered XRP through news of Snoop Dogg’s performance and decided to invest at the time. With XRP priced at $0.7523 on May 15, 2018, a $1,504.60 investment would have purchased 2,000 XRP tokens. As of today, with XRP trading at $2.74, that investment would be worth $5,480, delivering a gain of approximately 264.2%.

XRP is once again the subject of widespread interest, as favorable regulatory shifts and institutional involvement breathe new life into the token. While it still trades below its all-time high of $3.84 (set in 2018) and its recent 52-week peak of $3.39, the current trajectory suggests strong potential ahead. With ETF approvals on the horizon and Ripple’s network expanding through real-world use cases, XRP may yet reach new milestones. What once seemed like a fun, celebrity-studded event has become a symbolic milestone in XRP’s journey. For those who invested during that period, the returns have been impressive. And with XRP gaining momentum again, the story is far from over.