XRP Surges Amid Wider Crypto Market Boom
Ripple-linked XRP has seen a significant surge in price over the past week, climbing 50.2% according to CoinGecko data.
The token's value rose from around $0.99 earlier in the week and currently trades at $1.48.
This rally comes amid a wider crypto market upsurge following the U.S. Treasury doubling its bond buybacks on Wednesday.
Asset manager 21Shares has noted that the XRP ecosystem is undergoing four significant structural changes, including strong inflows into spot XRP exchange-traded products (ETPs), relatively low annual supply dilution compared to competing networks, explosive growth in Ripple's RLUSD stablecoin supply issued on the XRP Ledger, and increasing settlement volumes despite declining transaction fee revenue.
21Shares asks a question that could have major implications for XRP: what happens if the token becomes more widely used as collateral?