XRP Surges 18% Amid Crypto Rebound and Ripple Prime's Institutional Growth

XRP's price has risen by 18% in the last 24 hours to around $1.30 on August 21, following a broader improvement in risk appetite and crypto-market rebound.

The move comes as Bitcoin broke back above $70,000, triggering a short squeeze across digital assets. XRP gained 10.4% in a single session on August 19, its strongest daily increase since February.

Lower Treasury yields after the US Treasury's decision to expand long-duration bond buybacks have boosted demand for risk assets, while recent US regulatory developments improved sentiment around major cryptocurrencies.

Ripple Prime, Ripple's institutional prime-brokerage platform, has been expanding its infrastructure, with over 300 institutional customers across digital assets, foreign exchange, derivatives, and fixed income. The platform cleared more than $3 trillion annually and recently closed an upsized $275 million private placement of senior unsecured notes.