Investors are closely watching these developments as they could have a significant impact on the future of XRP. The possibility of a more favorable regulatory environment gives hope for the continued growth of the cryptocurrency.
Ripple's partnerships with financial institutions also play a crucial role. These partnerships are seen as a key driver behind the increase in XRP's price. As more financial institutions align with Ripple, it boosts confidence in the cryptocurrency and attracts more investors.
With the potential for larger attention and more investment options, XRP is attracting a wider range of investors. This increased interest is reflected in the rising price of the cryptocurrency.
Despite hitting new one-year highs of $2.86 in the last 24 hours and being up over 280% year-to-date, XRP still has some way to go to reach its all-time high of $3.84 set back in January 2018. However, the continuous strength of the cryptocurrency and the potential approval of ETFs give hope for a higher price in the future.
His performance at a private invitation-only Consensus after-party from Ripple Labs on May 15, 2018, attracted media attention. Although he did not talk about investing in cryptocurrency during the performance, the event was a celebration for the XRP community.
Celebrities endorsing cryptocurrencies are not new, but Snoop Dogg's appearance may have been a significant moment. It sparked interest among some investors who saw it as a sign of optimism for the XRP token.
For example, a $1,000 investment at the high price of $0.7523 on May 15, 2018, could have bought 1,329.26 XRP. As of now, with a price of $2.58, that $1,000 investment would be worth $3,429.49, representing a 242.9% increase.
XRP's continued popularity and potential for growth make it an attractive investment option. As it remains one of the most talked-about cryptocurrencies in recent months, its future looks promising.