XRP (XRP) fell 0.44% in 24 hours

Gate News Bot news, on October 29, according to CoinMarketCap data, as of the time of writing, XRP (XRP) is currently priced at $2.62, down 0.44% in the last 24 hours, with a high of $2.69 and a low of $2.34, and the 24-hour volume reached $5.58 billion. The current market capitalization is approximately $157.003 billion, a decrease of $695 million compared to yesterday.

The XRP Ledger (XRPL) is a decentralized public blockchain led by a global community of enterprises and developers, dedicated to solving problems and creating value. XRPL has operated error-free for over 10 years, offering simplified development, low transaction costs, high performance, and sustainability. It is open-source, allowing anyone to build on it and maintained by the community. XRPL features built-in decentralized exchange, cross-currency payments, payment channels, and multi-signature capabilities, providing a foundation for various use cases.

Important recent news about XRP:

1️⃣ Evernorth Holdings significantly accumulates XRP Evernorth Holdings has accumulated nearly 389 million XRP, valued at over $1 billion, becoming one of the major institutional investors in XRP. The company plans to go public through a SPAC merger, aiming to raise over $1 billion to expand its XRP reserves. Currently, Evernorth has invested $947 million to establish reserves, with an average purchase price of approximately $2.44 for its XRP. This large-scale accumulation reflects the strong confidence of institutional investors in XRP, which may provide long-term support for the XRP price.

2️⃣ Indian court establishes the property status of cryptocurrencies The Madras High Court in India ruled that cryptocurrencies constitute property protected by the constitution, blocking exchanges from reallocating users' XRP assets. The court stated that although cryptocurrencies are neither tangible property nor currency, they are a form of property that can be enjoyed and owned. This ruling provides significant support for the legal status of cryptocurrencies like XRP in India, benefiting their development in the market of the country.

3️⃣ CME Group XRP futures volume surges According to data disclosed by the Chicago Mercantile Exchange, since the launch of XRP and Micro XRP futures in May, over 567,000 futures contracts have been traded, with a notional trading volume reaching $26.9 billion. This data reflects the rapid growth of XRP in the derivatives market, further enhancing its position and liquidity in the traditional financial sector, and helping to attract more institutional investors to participate.

From a technical perspective, XRP is currently oscillating around a price of $2.62, with a key support level near $2.34. Fundamentally, the large-scale accumulation by institutional investors, the establishment of legal status, and the prosperity of derivative trading provide strong development momentum for XRP. However, investors should still closely monitor the overall trends in the cryptocurrency market and potential regulatory changes.

This message does not constitute investment advice, and investors should be aware of market volatility risks.