Ripple XRP is on a surge over the last 24 hours, climbing 20% on the day and also climbing the cryptocurrency market cap chart. Ripple Labs’ native cryptocurrency indeed surpassed Binance Coin (BNB) to become the fifth largest cryptocurrency in the world by market cap. At press time, XRP’s market cap now sits at $96.99B, up 17% today.
The Ripple coin is still far behind Solana Labs’ SOL token for fourth place in the market cap rankings. XRP has outperformed almost all of its altcoin adversaries this month, rising over 220% in the past month. While Bitcoin (BTC) reigns supreme in November, XRP is giving out great returns to early investors. Additionally, the cryptocurrency has received several revised price predictions: all positive ones.
Ripple XRP Flourishes Oversees
Another big contributor to Ripple XRP’s recent success has come from overseas. The Russian government has taken a significant step in digital asset regulation this week. A comprehensive legislation that formally recognizes Bitcoin, Ethereum, XRP, and other cryptocurrencies as property was passed this week. The bill also establishes a clear taxation framework for crypto, a huge step in bringing ease of access to traders. President Vladimir Putin’s recent bill assent represents a strategic move to integrate digital assets into the country’s formal economic landscape.
The Reserve Bank of India (RBI) also officially announced that it is going to collaborate with Ripple Labs for the virtual Rupee initiative. Blockchain technology as well as cross-border transactions offered by the XRP Ledger of Ripple will be used by RBI to enhance the regulation and security of the Digital Rupee. The announcements out of India and Russia both mean a bright future for Ripple Labs, thus pumping its native XRP cryptocurrency.
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Furthermore, multiple traders are setting bullish targets for XRP. One crypto trader in particular, DonAlt, is eying $6.90 as a potential future price. Most traders see the $2 milestone imminent, coming very quickly after XRP passed its $1 dream.
