XRP Soars 15% as Broader Market Recovery Boosts Its Value

XRP has surged in value, jumping over 15% in 24 hours to reach $1.26 per token.

This price increase has added more than $10 billion to XRP's market capitalization, propelling it into the number five spot among cryptocurrencies by market cap, surpassing USDC.

The broader cryptocurrency market has also seen a recovery, with a total market capitalization of $2.41 trillion, the highest level in three months.

This rebound is attributed to several factors, including a U.S. Treasury plan to expand liquidity support for long-term Treasuries and the liquidation of short positions worth between $2.7 billion and $3 billion across the cryptocurrency market.