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XRP (CRYPTO: XRP), the cryptocurrency developed by Ripple Labs, saw a significant 13% increase during European trading hours on Wednesday.
What Happened: This surge caps a remarkable week for XRP, which has risen approximately 40% over the last seven days.
The upward momentum began last week after CME Group and CF Benchmarks announced the launch of indices and reference rates for XRP.
This new financial instrument is designed to provide accurate and reliable pricing for the digital asset, contributing to increased investor confidence.
Adding to the positive sentiment, XRP outperformed Solana in 24-hour trading volumes, with XRP reaching $4.07 billion compared to Solana’s $3.14 billion, according to CoinGecko.
This flip underscores the growing investor interest and trading activity surrounding XRP.
Also Read: These Altcoins Show Bullish Signals While Bitcoin Faces Critical Juncture
Why It Matters: Crypto analysis firm Santiment highlighted the growing bullish narratives for XRP.
Santiment’s tweet stated, “Trader sentiment is following the price action. With XRP making an emergence this week, bullish narratives have erupted. On the other end of the spectrum, Cardano is seeing the most bearishness in over a year. Counter-trading the crowd’s consensus could prove profitable.”
In the backdrop of these market dynamics, Ripple Labs made a strategic political move.
The company donated $1 million to the Commonwealth Unity Fund, a super political action committee established by attorney James Murphy.
The fund aims to unseat anti-crypto Senator Elizabeth Warren (D-Mass.) and support the election of pro-crypto lawyer John Deaton.
The donation, reported in a quarterly filing with the Federal Election Commission, was made on May 15, with Murphy personally contributing an additional $50,000 on April 15.
Ripple continues to navigate its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The SEC alleges that Ripple’s sale of XRP constitutes an unregistered security offering.
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Posted In: $XRP
