Why XRP Crypto Price Is On The Rise Today

XRP (CRYPTO: XRP) shot up 9.9% over 24 hours at $1.21 early Wednesday morning. 

What’s Moving? The Ripple Inc-associated token has soared 8.23% over a seven-day trailing period. 

XRP has soared 8.46% against Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), respectively, over 24 hours. 

In the last 30 days, XRP has shot up 18.10%, while the coin’s year-to-date gains stand at 413.4%.

XRP touched an all-time high of $3.84 4 years ago. The token traded 68.63% below that level at press time.

See Also: How To Buy XRP (XRP)

Why Is It Moving? XRP, the seventh-largest coin by market cap, traded in the green alongside other major coins as the global cryptocurrency market capitalization rose 3.15% to $2.74 trillion.

XRP saw high retail investor interest and was the top ticker on the list of trending tickers as arranged by Stocktwits. At press time, the coin was not among the most mentioned coins on Twitter, as per Cointrendz data.

On Tuesday, Rippe Chief Technology Officer David Schwartz announced on Twitter that Wrapped XRP is coming to Ethereum. 
 

Wrapped XRP is coming to Ethereum! Great news for those that want to access XRP within Ethereum wallets, DeFi, and smart contracts.

It’s a multichain after all. https://t.co/36shyqF0Nj

— (@JoelKatz) November 1, 2021

In September, Ripple said it was partnering with Bhutan’s central bank, the Royal Monetary Authority. The central bank would use Ripple’s CBDC solution to pilot a central bank digital currency in phases, as per a statement.

Last month, confusion surrounding the status of XRP on Coinbase Global Inc’s (NASDAQ:COIN) Pro mobile app trading platform led to volatility in the token.

Many users are taking to Google to ask "when will XRP be relisted on Coinbase?," but the cryptocurrency exchange hasn't made clear any plans to restore support for XRP on its platform. 

The U.S. Securities and Exchange and Ripple are in a legal wrangle over the status of XRP. According to the regulator is an asset class that should be registered as an investment.

Coinbase, the second-largest trading platform by volume — as per CoinMarketCap, put XRP on a “limit only” mode in December after the legal imbroglio emerged.

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