XRP Seeks Breakthrough Above $1.38 as Institutional Use Case Gains Traction

XRP has continued its recovery from recent lows after a proof of concept using the XRP Ledger was published by the Bank for International Settlements. The test, which involved verifying official statistical datasets through cryptography, showed that publishing took between three and five seconds while verification required one to two seconds.

The experiment was conducted on XRPL Devnet as a proof of concept, but it has provided a fresh catalyst for XRP's price recovery. XRP is currently trading at around $1.37 after rising 1.5% over the past 24 hours.

ETF inflows have also continued to support XRP's recovery, with US spot XRP ETFs recording their 11th consecutive trading session of net inflows on September 1. Inflows during this streak have reached roughly $170 million, taking cumulative inflows since the products launched in November to approximately $1.68 billion.

XRP has also returned to an important on-chain demand area, with more than 4.8 billion XRP having been acquired between $1.31 and $1.38. However, XRP is still roughly 11% below its previous peak of around $1.52, which would need to be cleared for the token to extend its August breakout.