The driving force behind this upswing can be attributed to mounting anticipation surrounding the potential introduction of spot XRP exchange-traded funds in the United States, coupled with an escalating trend of accumulation among major investors.

The optimism surrounding the launch of XRP exchange-traded funds on Wall Street has been a substantial contributor to the token's price increase. For instance, Geoffrey Kendric, an analyst at Standard Chartered, has pinpointed Solana and XRP as potential contenders for exchange-traded funds following the approval of spot Ether exchange-traded funds in the United States. However, he anticipates the launch of these cryptocurrency exchange-traded funds around 2025.

Kendric further elaborated, "For now, the dominance of Bitcoin and Ether will continue to rise, with a few selective ‘next in line’ winners emerging as well." The recent gains in XRP are part of an upward trend that initiated on May 24, when Coinbase reinstated the cryptocurrency for its clients in New York.

The exchange had previously delisted XRP across its U.S. markets in January 2021 due to a lawsuit filed by the U.S. Securities & Exchange Commission against Ripple, XRP's parent company. The price of XRP (XRP) is calculated in real-time by aggregating the latest data across 161 exchanges and 488 markets, using a global volume-weighted average formula.

. Ripple funded the development of the open-source XRP Ledger. Unlike most cryptocurrencies out there that cater to peer-to-peer needs, Ripple was made to connect banks, payment providers and digital asset exchanges, enabling real-time settlement expeditions and lower transaction fees.