The token is outperforming the broader crypto market amid a string of Ripple announcements.
XRP outperformed the broader cryptocurrency market on Friday, Feb. 6, rising nearly 20% over the past 24 hours.
The token was trading around $1.50, after briefly touching a high near $1.53, per The Defiant’s price page. XRP’s market capitalization now stands at about $91.3 billion. XRP also strengthened against Bitcoin (BTC), gaining more than 13% on the BTC pair, according to CoinGecko. Meanwhile, 24-hour trading volume climbed to roughly $16.5 billion.
The rally came as investor sentiment improved following a series of Ripple announcements this week, with the latest being the company teasing major upgrades to the XRP Ledger (XRPL) on Feb. 5.
In a blog post, Ripple outlined how new and upcoming features on the XRP Ledger would expand XRP’s real-world utility beyond payments. The company also said that XRP is increasingly being used across stablecoin settlement, FX, tokenized assets, and lending.
“With each use case, XRP’s role becomes more intertwined in institutional finance, either as the asset being moved, the bridge facilitating exchange, or the reserve currency backing network security,” the post reads.
Earlier this week, the team also announced that Ripple Prime added support for Hyperliquid – the largest decentralized perpetual futures platform by trading volume and open interest (OI), according to DeFiLlama. The move aims to provide institutional clients with on-chain derivatives liquidity through Ripple’s prime brokerage platform.
“At Ripple Prime, we are excited to continue leading the way in merging decentralized finance with traditional prime brokerage services, offering direct support to trading, yield generation and a wider range of digital assets,” said Michael Higgins, International CEO, Ripple Prime. “This strategic extension of our prime brokerage platform into DeFi will enhance our clients’ access to liquidity, providing the greater efficiency and innovation that our institutional clients demand.”
XRP’s rebound comes amid a broader market downturn that has stretched for weeks. Bitcoin (BTC) is currently trading under $70,000 – a price point not seen since Nov. 2024. Meanwhile, Ethereum (ETH) is currently changing hands at $2,000, down 25% on the week.
