XRP Ledger (XRPL) Ecosystem Surges, With Its Top Cryptocurrencies Leading the Market's Gainers

Over the past seven days, XRP has climbed 11.8%, while Sologenic (SOLO) and Coreum (COREUM) soared 21.6% and 21.4%, respectively.

Top cryptocurrencies like XRP, Sologenic (SOLO), and Coreum (COREUM) are leading the market’s surge at last check early Sunday morning.

In particular, XRP has outperformed major cryptocurrencies, rising 11.8% over the past seven days. For context, Sologenic and Coreum soared 21.6% and 21.4%, respectively.

Meanwhile, Polkadot (DOT) and Kusama (KSM) gained 3.4% and 2.9%.

Here’s what happened

Designed for fast, low-cost cross-border payments and asset tokenization, the XRP Ledger (XRPL) is a decentralized blockchain with a built-in decentralized exchange (DEX), trust lines for asset issuance, and sidechains for expanded functionality.

Non-fungible token (NFT) support, smart contract integration (Hooks), and DeFi applications are also gaining traction in the XRPL ecosystem.

While Ripple is a key contributor to XRPL, the XRPL Foundation and developer community are responsible for enhancing the network’s capabilities.

The recent surge in XRPL-related tokens may be attributed to growing confidence in the ecosystem as tokenization, payments, and DeFi innovation accelerate.

Why XRP Surged Last Week

In part, the surge is linked to the U.S. Securities and Exchange Commission (SEC) recently acknowledging Grayscale’s 19b-4 filing for an XRP exchange-traded fund (ETF).

If approved, analysts expect a wave of institutional investment to flow into XRP.

According to the website, where crypto holders can gamble on real-world events, Polymarket bettors favor the approval odds.

Specifically, there’s an 81% chance of approval this year, reports Cointelegraph.

JPMorgan analysts have also stated that a spot XRP ETF could attract up to $8 billion in institutional funds.

Should the XRP ETF be approved, it will join Bitcoin and Ethereum - already approved for spot ETFs - as top cryptocurrencies attracting institutional investors.

Once approved, Grayscale intends to convert XRP Trust into a tradable ETF, increasing liquidity and accessibility for investors worldwide.

The SEC’s acknowledgment is part of the approval process. Moreover, Ripple CEO Brad Garlinghouse personally visited politicos in Washington, D.C. this past week, which has also helped boost the chances.