XRP now accounts for at least 2% of the overall cryptocurrency market cap. A market capitalization of more than $50 billion makes Ripple the 6th largest cryptocurrency in the market.
Many cryptocurrencies benefited from the significant gains during 2021. As Bitcoin soared to over 120%, XRP rose over 400% in 2021. Currently, XRP is trading at $1.14, a 4.95% increase between the lower low of $1.08 and the higher high of $1.08.
One of the largest contributors to crypto’s success is its appeal to institutional investors and financial institutions. According to Finance Magnates, Ripple became more popular among UK-based investors. Many UK investors prefer this cryptocurrency over the other cryptos in the market.
Viewing the price movements of different cryptocurrencies
At the start of 2021, investors availed of the cryptocurrency at $0.22. However, as of April 14, 2021, investors saw the price jump to a high of $1.94, a 7.82% increase in just four months.
Unfortunately, XRP investors are currently deciding the future of the cryptocurrency price as they try to decide between selling or adding to their position. From mid-August, the cryptocurrency managed to maintain its consolidating level at $1.
Overall, the last month brought XRP to a market capitalization of $8 billion. Aside from its interest from retail and institutional investors, its incorporation with other financial institutions makes this crypto an interesting investment for crypto traders.
Because of the crypto’s participation with other financial institutions, demand for the cryptocurrency continues to increase to become one of the leading platforms among other blockchain firms.