Crypto Market Surges Past $2.18 Trillion as XRP and Ethereum Prices Rise

The crypto market is experiencing a decent start to August, with the total market capitalization reaching $2.18 trillion after a slight increase of half a percent in the last day.

This uptrend can be attributed to the decision by Trump to call off planned strikes on Iran, which reduced the overall nervousness and allowed Bitcoin's price to rise again, pulling the rest of the market with it.

The open interest in derivatives also dropped, indicating a lower risk of forced sell-offs that negatively impacted prices last week. Traders are feeling more confident, dipping their toes back into riskier assets.

XRP is currently trading at $1.08, up 2% from the previous day. The chart shows buyers taking control after a dip to $1.05 and pushing the price above the short-term wall around $1.08.

Ethereum's price holds near $1,900 as institutions increase their exposure. Morgan Stanley rolled out an Ethereum Trust ETF with a fee of 0.14%, allowing investors to earn staking rewards without running validators themselves.