XRP price hit $0.74 on Monday after the cryptocurrency surged approximately 20% in the last 24 hours. XRP price hit its highest level since May 2018. The price of the cryptocurrency received a push after Ripple acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment companies.
According to the data published by Coinmarketcap, XRP is now the 7th largest cryptocurrency by market cap in the world. The digital asset has a market capitalization of nearly $33 billion. It is now more valuable than Uniswap, Chainlink and Litecoin.
XRP price crashed in December 2020 after the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and its executives and called it a security token. Since then, the price of XRP has been on the rise. It has now erased all losses, which occurred after the SEC’s lawsuit.
As of writing, the digital asset is trading near $0.72 with a market capitalization of $32.8 billion. The cryptocurrency is up by more than 200% since the start of this year. XRP remained the best-performing digital currency among the top 10 in the last 7 days as the world’s 7th largest crypto asset gained nearly 30% in a single week.
XRP’s adoption has increased massively in the last months as several organizations around the world have started using its technology for cross-border transactions. Ripple, the San Francisco-based blockchain company, recently released a whitepaper on the future of central bank digital currencies (CBDCs) and termed XRP as a bridge currency for CBDCs. According to a report published by CPA Australia, the Central Bank of France is considering the technology behind XRP as a possible platform for the issuance of a CBDC.
“Ripple and XRP enjoy the trust of many banks as a model for CBDCs. Ripple also allows the creation of new currencies, and Ripple developers can decide the timing and quantity of supply in a similar way to current central bank operations,” the report from CPA Australia said.