Ripple's Chief Technical Officer Announces Exciting XRP Update in Meme-Themed Manner: Insights
In a recent development, popular cryptocurrency exchange Coinbase announced that XRP was among the most searched assets on their platform within a 1,440-minute period. This surge in interest comes at a time when XRP is experiencing a recovery, trading up 3% in the last 24 hours, with a price of $2.99.
The renewed interest in XRP on the market follows years of consolidation and dull trading activity, which was partly contributed to by the SEC's lawsuit against Ripple, now concluded. The lawsuit, which was a significant blow to the cryptocurrency, seems to have had a temporary effect, as XRP has since recovered from a Sept. 1 low of $2.69.
The XRP community has taken notice of this surge, with some interpreting it as a positive sign. One such member is Tomiwabold Olajide, an XRP Ledger dUNL validator, who tweeted his reaction, interpreting the phoenix as a sign of rebirth and renewal for XRP.
The phoenix-themed update is not limited to the XRP community alone. Ripple's Chief Technology Officer, David Schwartz, updated his profile picture on X, sporting a black hat and sunglasses with the XRP logo, and a phoenix bird with XRP-logo-inscribed sunglasses on his shoulder. The update is believed to be inspired by the Phoenix-themed memecoin, PHNIX, although the details surrounding the launch of this project remain unclear.
The market capitalization of XRP currently stands at $177.97 billion, making it the third largest cryptocurrency. In terms of percentage gain, XRP surpasses that of major cryptocurrencies Bitcoin and Ethereum, which posted yearly returns of 107% and 91%, respectively. According to CoinGecko data, XRP has seen a 469% increase in value over the past year.
As the cryptocurrency market continues to evolve, it will be interesting to see how XRP fares in the coming months. With the renewed interest and positive signs, it seems that XRP is poised for a comeback.
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