$XRP 🔥XRP rises amid banking alliances and widespread euphoria

Ripple's cryptocurrency returns to price levels not seen since May. Ripple partnered with BNY Mellon to safeguard the reserves of its stablecoin XRPL.

The rise of bitcoin (BTC) is also boosting cryptocurrencies.

The price of XRP, the cryptocurrency created by Ripple Labs, is on the rise this Friday, July 11. Touching USD 2.64 for the first time since May, the euphoria and enthusiasm of investors about this crypto asset is palpable in the market.

In just one month, XRP has increased by 15%, rising from USD 2.28 to the current quotation. The increase is more noticeable since June 23, when the asset fell to USD 1.90. Since then, the rise has been 38%. The price that XRP maintains has not been seen since the peak reached on May 14, when, after reaching that quotation, it dropped by 27% before experiencing the increase seen now.

Earlier, on March 3, XRP also reached the current mark and even touched USD 3, although it again plummeted to USD 1.90, losing 35% of its value. Ripple Labs announced on July 9 that they had selected BNY Mellon to be the primary custodian of the reserves of that company's stablecoin, Ripple USD (RLUSD). "Together we are closing the gap between traditional finance and cryptocurrencies," said Ripple Labs in the official announcement.