What happened?
The price of XRP jumped by 9.5% to $2.30 in the last 24 hours, sparked by US President Donald Trump’s comments on potentially signing a trade deal with China. The cryptocurrency market is experiencing an upward trend, with XRP gaining 11% over the past week and 25% over the past two weeks. CoinShares reports that XRP experienced the largest inflows into institutional crypto funds this week, signaling increased demand.
Who does this affect?
This development primarily affects XRP investors and those in the cryptocurrency market. Institutional investors have shown significant interest in XRP, making it the fourth-largest cryptocurrency for fund inflows. Traders looking for promising investments now have XRP on their radar as its market presence grows stronger.
Why does this matter?
XRP’s rise suggests a broader market impact and signals renewed investor confidence, which may influence other cryptocurrencies. This interest could indicate a potential market shift, especially if the US-China trade deal progresses. With Ripple’s legal issues with the SEC likely resolved, the institutional backing puts XRP in a strong position for further growth, potentially affecting market dynamics and future trading strategies.