Important Ripple News and XRP Price Update: August 25

From record-setting ETF inflows to major XRP price breakout. Here’s the latest in the broader Ripple ecosystem.
ByJordan Lyanchev

It was less than a week ago when we last wrote a major Ripple (XRP) update, and the landscape was entirely different. Not that the company behind the token hadn’t made some major moves, because it frequently does, but because the underlying asset was stuck at $1.00 and analysts were wondering whether that support would hold or we were in for another major leg down.

The environment is entirely different now, and we will take a look at what has taken place in the Ripple ecosystem over the past week, especially on the XRP price front.

FedNow, Gemini, XRPL

Multiple reports <a href="https://x.com/XRP<a href="https://xpertsstudio.com/<a href="https://xpertsstudio.com/crypto-market-overview-and-altcoin-growth/” title=”Crypto Market Overview and Altcoin Growth”>crypto-group-backs-32-u-s-midterm-candidates/” title=”Crypto Group Backs 32 U.S. Midterm Candidates”>cryptowolf/status/2091609472284172563″ rel=”nofollow noopener” target=”_blank”>emerged online in the past few days that FedNow Payments has enabled payments through Ripple’s tokens after the company’s integration with Volante. FedNow is an instant payments rail in fiat USD that settles on central bank reserves, while Volante provides platform connectivity to the former for domestic payments in the US and to Ripple for cross-border services.

Separately, Gemini’s co-founder, Tyler Winklevoss, announced some “big news for the Ripple Army in Asia.” In a tweet from today, he said users of the cryptocurrency exchange he co-founded with his twin brother in Singapore can deposit and withdraw XRP through the native XRP Ledger network.

Speaking of XRPL, Ali Martinez cited data from Santiment and highlighted a major surge in activity. The number of active addresses skyrocketed by over 650% in the past several days, going from 47,180 to just over 356,000. The popular analyst concluded that such a major spike “typically signals a sharp increase in network participation and is often accompanied by higher price volatility.”

XRP ETFs Are Back, CEO Speaks Out

The major market shift is evident in institutional appetite as well. The spot XRP ETFs, which struggled for weeks with insignificant inflows, picked up the pace last week, especially after Wednesday. In total, they attracted almost $40 million in net inflows, which became the best weekly performance since May.

Moreover, the total cumulative flows hit a new all-time high of just over $1.55 billion, while Bitwise’s XRP fund extended its lead as the largest of the bunch.

Source: cryptopotato.com