XRP price spikes 6% as crypto turns green – here’s why

XRP (XRP/USD) is the top gainer in the cryptocurrency market, outperforming the top coins despite a minor increase in stock market prices on the first trading day after Christmas.

According to market analysis, the largest gains among the top 10 cryptocurrencies have been made by XRP, which is rising about 6% in the last day. Furthermore, Cardano (ADA) and Polygon (MATIC) are the second top performers on the day, with increases of 1.5% and 1.8%, respectively, Bitcoin (BTC) and Ethereum (ETH) are both just in the green.

Ripple’s XRP surges to lead crypto

The market’s sixth-ranked cryptocurrency, XRP, is currently trading at $0.3717, an increase of 5.8% over the previous 24 hours. According to CoinGecko data, the price of XRP has increased by 9.6% from the last seven days.

XRP/USD price movement on the 4-hour chart. Source: TradingView

XRP reached highs of $0.3731 on Binance and is currently attempting to form a second green candle on the 4-hour chart following a brief decline that saw its approach $0.3586 before.

Why has XRP price soared today?

Though the reasons for XRP’s growth over the other top 10 coins are difficult to pin down, the gains coincide with a positive attitude among XRP users. The two-year-long legal battle could soon end with the declaration that XRP is not a security.

The official launch of XRP-powered cross-border payments by Tranglo, a Malaysian business that recently teamed with Ripple Labs, also contributed to the increase in the price of XRP.

The business, which provides mobile-based payments and international transfers, expects a significant increase in real-time transactions over the next years. Ripple announced the event on its Twitter page and predicted a 3.5x rise in Tranglo’s real-time transactions by 2025.

Tranglo was established in 2008 and had offices in London, Dubai, Singapore, Kuala Lumpur, and Jakarta. Its services are offered in 150 countries, with more than 5,800 mobile operators, 2,200 banks or wallets, and more than 140,000 cash pickup locations among its clientele.

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