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XRP Climbs Back up Crypto Rankings With Near 50% Rise

With the sudden rise, XRP has replaced litecoin as the fourth-largest cryptocurrency by market cap.

Updated Sep 14, 2021, 10:52 a.m. Published Jan 7, 2021, 2:15 p.m.
XRP price for the last 24 hours
XRP price for the last 24 hours

XRP is shrugging off its recent price woes with a double-digit rise Thursday.

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The cryptocurrency was trading near $0.35 soon before press time, representing a nearly 50% gain on a 24-hour basis.

As a result, XRP's market capitalization has increased to $13.88 billion, moving it above litecoin as the fourth-largest cryptocurrency, according to CoinDesk 20 data. Other cryptocurrencies such as bitcoin, ether, and litecoin are also trading higher. Bitcoin rose to fresh record highs above $38,000 early today.

However, despite XRP's bounce, prices are still down 57% from highs above $0.55 observed before the U.S. Securities and Exchange Commission filed a lawsuit against Ripple Labs, the San Francisco-based developer of the Ripple payment protocol and exchange network, for raising $1.3 billion over seven years from retail investors through its sales of XRP.

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Announced on Dec. 22, the lawsuit brought an avalanche of exchange delistings and panic selling, causing prices to drop to $0.20 by the end of December.

It remains to be seen if the latest recovery has legs or turns out to be a "dead-cat bounce" – a temporary recovery of asset prices from a notable decline or a bear market followed by a continuation of the downtrend.

According to analysts, the U.S. Office of the Comptroller of the Currency's (OCC) recent decision to allow U.S. banks to use public blockchains and dollar-backed stablecoins as a settlement infrastructure in the financial system is favorable for XRP and payments-focused Stellar blockchain's XLM token.

XRP, however, may have a hard time cheering the good news until it has dealt with the SEC case, Denis Vinokourov, head of research at the London-based prime brokerage Bequant told CoinDesk on Wednesday.

UPDATE (Jan. 7, 19:17 UTC): Corrects XRP market value.

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Exchange Review - March 2025

Exchange Review March 2025

CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.

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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.

  • Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
  • Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions. 
  • Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.

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