The price of XRP rose by 4.12%, reaching $1.57, despite the hack of the Bitget platform that occurred on September 26, Finbold reports. At the time of writing, the market capitalization of the token was $99.07 billion, and the trading volume over the last 24 hours increased by 55.85%, amounting to approximately $7.37 billion. While tokens worth about $157 million were withdrawn from the Bitget cryptocurrency exchange, XRP exhibited bullish dynamics in response to the ongoing demand from institutional investors. The token also indicated potentially high interest, particularly from 'whales' and institutional investors. The XRP Ledger (XRPL) has been gaining popularity for several years in the areas of tokenization, international payment transactions, and compatibility with decentralized finance (DeFi).
The rise in XRP's price occurred against the backdrop of increased institutional demand. According to reports, this week, exchange-traded funds (ETFs) on XRP in the U.S. attracted about $52.95 million, marking the continuation of 11 consecutive weeks of positive inflows and increasing their net assets to $1.70 billion. Additionally, over the past five days, addresses on the XRPL holding between 1 and 10 million tokens accumulated 470 million XRP, which amounts to over $724 million. Moreover, active interest from institutional investors, led by ETF issuers on XRP in the U.S., continues to support price growth, even in the face of negative news such as the recent hack on Bitget.
Thus, today's rise in XRP's price occurred amid strong demand from institutional investors, led by ETF issuers on XRP in the U.S. XRP continues to demonstrate strong positions despite negative news, indicating its resilient value in the cryptocurrency market.
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