The crypto market is showing some signs of recovery, but it’s XRP that is setting the pace. Ripple’s cryptocurrency posted its best day since August yesterday, following a strong performance on Sunday. This outperformance is no coincidence.
XRP Jumps 22% in a Matter of Days #
XRP surged by 8.74% yesterday, marking its best day since August 7. The price climbed from €1.78 to €1.93, even briefly surpassing the €1.98 mark.
This is a significant recovery from last week’s low of €1.58, representing a gain of over 22% for the fourth-largest cryptocurrency. In the same period, Bitcoin has risen by almost 11% and Ethereum by nearly 14%, with many other coins failing to match XRP’s phenomenal climb.
Wall Street Opens the Floodgates for Ripple’s Cryptocurrency #
There is a clear engine behind XRP’s remarkable acceleration: the token is running at full throttle on the American trading floor. The coin debuted on Wall Street last week (with a record trading volume) and has already attracted a fortune into various exchange-traded funds.
Yesterday, Franklin Templeton, an asset manager with $1.64 trillion in assets under management, and Grayscale, a crypto asset manager with a wide range of crypto funds, both launched an XRP fund. While Bitcoin funds had another disappointing day, these newcomers posted notably strong results.
Franklin Templeton’s XRPZ fund ended the day with $62.59 million (€54.30 million) in new inflows, and Grayscale’s GXRO fund welcomed $67.36 million (€58.44 million), according to data from SoSoValue.
Additionally, Canary Capital raised $16.38 million yesterday with its XRP fund. Launched on November 13, it has seen $322.40 million in inflows since then. Bitwise, which was the second to launch, raised $17.71 million yesterday and has now raised a total of $134.35 million.
In total, $586.7 million has flowed into the brand-new XRP funds. With this amount, the fund managers have actually purchased XRP tokens to back the value of the funds, giving the XRP price a significant tailwind.