XRP (XRP) down 4.10% in the last 24 hours

Gate News Bot Message, November 7th, according to CoinMarketCap data, XRP (XRP) is currently trading at $2.23, down 4.10% in the past 24 hours. The highest price reached $2.55, and the lowest dropped to $2.08. The 24-hour trading volume is $5.184 billion. The current market capitalization is approximately $134.115 billion, a decrease of $5.73 billion from yesterday.

XRP Ledger (XRPL) is a decentralized public blockchain led by a global community of enterprises and developers, aiming to solve problems and create value. After more than ten years of error-free operation validation, XRPL offers simplified development, low transaction costs, high performance, and sustainability. It features transparency, decentralization, streamlined development processes, high performance, low costs, an active community, and reliability. XRPL supports powerful features such as decentralized exchanges, cross-currency payments, payment channels, multi-signature, and tokens.

Recent important news about XRP:

1️⃣ Ripple completes large-scale funding, significantly boosting valuation

Ripple successfully raised $500 million, with the company’s valuation reaching $40 billion. This funding round was led by well-known institutions including Fortress Investment Group, Citadel Securities, and Pantera Capital. The massive capital influx will provide more resources and development opportunities for Ripple and the XRP ecosystem, reflecting strong investor confidence in Ripple and XRP.

2️⃣ XRP gains legal recognition in India

The Madras High Court in India ruled that XRP is property protected under criminal law. This ruling provides important support for XRP’s legal status in the Indian market, facilitating its lawful use and trading in the country, which may promote further adoption and application of XRP in India.

3️⃣ XRP spot ETF process accelerates

Fidelity Dummpton submitted an updated S-1 filing for an XRP ETF, shortening the clause content, with plans to launch within this month. This indicates that the listing process for the XRP spot ETF is speeding up. If approved, it could attract more institutional investors, potentially positively impacting XRP’s price and market liquidity.

From a technical perspective, XRP is currently oscillating around $2.23, with a key support level at $2.08 in the short term. Fundamentally, the successful funding, established legal status, and ETF development provide multiple positive factors for XRP. However, in the short term, it still faces the overall volatility of the cryptocurrency market. Investors should closely monitor market trends and potential regulatory changes.

This message is not investment advice. Please be aware of market volatility risks when investing.