The Ripple (XRP) token has reached 99th place in terms of market capitalization, surpassing the $3 mark.
The hint from the U.S. Federal Reserve to cut interest rates, along with the dismissal of Ripple's lawsuit against the SEC, has led to a recent increase in the price of Ripple.
Analysts expect the price of Ripple to rise to $3.21, driven by exchange-traded funds (ETFs), partnerships, and ledger upgrades.
XRP has made it to the list of the top 100 global assets, ranking 99th with a market value slightly exceeding $180 billion. This is a significant achievement, as the currency has surpassed the $3 mark, generating excitement among people. There are strong reasons to believe that XRP has more room to rise, and people are watching closely.
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What is driving the rise of XRP?
And $SOL
According to Companies MarketCap, XRP, which is currently trading at just over $3, is positioned just above CATL, but below Pinduoduo and Deutsche Telekom. It is one of only three cryptocurrencies, along with Bitcoin and Ethereum, in the top 100 cryptocurrencies list.
The price sharply increased after Jerome Powell's speech in Jackson Hole, where he hinted at the possibility of an interest rate cut in September. Additionally, the U.S. Court of Appeals recently agreed to dismiss Ripple's lawsuit against the U.S. Securities and Exchange Commission, which had burdened XRP. Analyst CasiTrades believes that the price of XRP could reach $3.21 soon, a level worth monitoring, but he says it is likely to continue rising after a short pause, and might drop to $3.168.
Cryptocurrency commentator Gordon expressed great excitement, confirming that XRP is ready to surpass its eight-year stagnation against Bitcoin. He pointed to XRP exchange-traded funds, Ripple partnerships, the end of the lawsuit, and XRP ledger upgrades as key factors.
Lawyer Bill Morgan weighed in, saying that XRP was among the top three cryptocurrencies previously, only defeated due to the lawsuit. Morgan sees more big players using it, new ways to generate returns, and a larger role for XRP in traditional finance. All of this suggests that XRP may continue to rise, both in terms of price and its standing among global assets.
