XRP (XRP +7.37%) is up nearly 8% in the last 24 hours on Monday as of 5:39 p.m. ET, reaching above $1.50. The S&P 500 finished the day up 1%.
A flight to safety?
The move tracks the broader crypto market and Bitcoin, which has spent the past two weeks behaving less like a speculative asset and more like a hedge against global uncertainty. Bitcoin is up more than 13% since the war in Iran began, while stocks across the board have fallen.
Today’s Change
(7.37%) $0.11
Current Price
$1.53
Key Data Points
Market Cap
$94B
Day’s Range
$1.43 – $1.54
52wk Range
$1.14 – $3.65
Volume
4.4B
Ripple is partnering with Mastercard
There is also a Ripple-specific tailwind worth noting. On March 11, Mastercard launched its Crypto Partner Program with more than 85 companies, and Ripple — the company behind XRP — was named as a launch partner. The program targets cross-border payments and business-to-business settlements.
XRP is struggling to match Ripple’s wins
Image source: Getty Images.
Still, XRP is down more than 60% from its $3.65 peak last July. While Ripple the company continues to land real partnerships, the connection between Ripple’s success and XRP token demand remains the weakest link in the investment thesis — banks can and do use Ripple’s payment tech without ever touching XRP. And this disconnect has been on full display in recent months.
Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin, Mastercard, and XRP. The Motley Fool has a disclosure policy.
