The price of the XRP Token (CRYPTO: XRP) from Ripple has soared in recent days on the heels of an announcement involving the oldest bank in the U.S.
Here's a look back at how much XRP has gained since a key moment in the cryptocurrency's history involving one of the most famous rappers around.
What Happened: The price of XRP is up 9.6% over the past seven days, outperforming other top 10 cryptocurrencies such as Bitcoin, Ethereum and Solana. XRP is currently the fourth-largest cryptocurrency by market capitalization, valued at $146 billion.
Interest in XRP could be up with Ripple announcing Wednesday that BNY Mellon, the oldest bank in the U.S., will serve as the primary custodian for reserves that back Ripple USD (CRYPTO: RLUSD), the company's stablecoin.
Along with the bank announcement, investors continue to be optimistic about XRP and other cryptocurrencies that could be approved ETFs in the future with 21Shares, WisdomTree and Grayscale all filing for spot XRP ETFs.
A battle between Ripple and SEC has also diminished in recent years, with Ripple recently withdrawing its appeal against the SEC. The current White House administration has withdrawn many lawsuits against cryptocurrency companies and paved the way for increased regulation and adoption.
While XRP is still trading below its 52-week high of $3.39 and its all-time high of $3.84 set back in 2018, the cryptocurrency is up significantly since a signficiant moment in its history.
Snoop Dogg, who has supported the cryptocurrency sector and non-fungible tokens, performed at a private invitation-only Consensus after-party from Ripple Labs on May 15, 2018.
The performance in New York saw several media outlets cover Snoop Dogg’s appearance and the fact that he did not talk about investing in cryptocurrency during his performance. Instead, the event was much like a celebration for the XRP community. Ripple previously said they did not pay Snoop Dogg with XRP tokens for his appearance.
While celebrities endorsing cryptocurrencies is nothing new, Snoop Dogg’s appearance may have marked an opportune moment to consider buying XRP — though the rapper offered no direct investment advice during the event.
Read Also: XRP, Ethereum, Solana And One Surprise Crypto (Not Bitcoin) Are Bitwise’s ‘Cleanest Plays’
Investing $1,000 in XRP: Investors who learned about XRP for the first time with news of his appearance at the Ripple event, or thought that his appearance could signal optimism for the XRP token going forward, may have considered buying the cryptocurrency.
A $1,000 investment at the high price of $0.7523 on May 15, 2018, could have bought 1,329.26 XRP. The $1,000 investment would be worth $3,269.98 today based on a price of $2.46 at the time of writing, up 227%
XRP continues to be one of the most talked-about cryptocurrencies in recent months, and its continued strength and the potential approval of ETFs could lead to a higher price for the coin.
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This article was previously published by Benzinga and has been updated.
Photo: Shutterstock
