XRP Surges on Institutional Inflows and Regulatory Milestones
XRP has seen significant gains in recent months, trading around $1.35, $1.38 as of September 11. The token is up about 30% over the past month and has a market cap of roughly $85 billion, making it the fifth-largest cryptocurrency by market cap.
The influx of institutional money is driving the price increase, with U.S. spot XRP ETFs recording 11 straight sessions of inflows through September 2. Cumulative net inflows since their November launch have reached around $1.68 billion.
Ripple has made significant strides in regulatory and business developments, receiving full MiCA crypto-asset authorization in Luxembourg in July. The company also partnered with South Korea's Jeonbuk Bank to use Ripple Payments for cross-border remittances.
Crypto analyst @XrpUdate posted an Elliott Wave analysis on XRP, outlining updated macro price targets of $14, $27, and $48 for the token. These targets are far beyond current price levels.