XRP briefly reclaims $100 Billion market cap as rally tops $1.66

XRP's market value climbed back above $100 billion on Tuesday, before profit-taking pulled the token below the mark in later trade.

At the time of writing, XRP was trading at $1.56, up 1% over the past 24 hours, according to data from CoinGecko.

The token moved between $1.54 and $1.66 during the session, and its market capitalization stood at about $98.2 billion, keeping it the fifth-largest cryptocurrency.

The weekly picture is stronger. 

XRP has gained nearly 21% over the past seven days, ahead of the broader crypto market's 13% rise.

Related: Analyst says XRP could be entering a new rally after whale buying

The rebound comes a week after the token slid to around $1.29 following the failed Senate vote on the CLARITY Act.

Despite the recovery, XRP remains about 57% below its all-time high of $3.65.

On-chain activity has also picked up. Santiment data showed 1,917 XRP transactions worth $100,000 or more on Tuesday, the highest count in a month, along with 3,647 newly created wallets.

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Bitwise leads ETF buying

Institutional demand appears to be backing the move. U.S. spot XRP ETFs drew more than $20 million in their latest trading session.

As per report, Bitwise accounted for most of it, adding $19.17 million worth of XRP in a single day.

The purchase takes Bitwise's XRP fund to roughly $615 million in net assets, keeping it at the top of the XRP ETF market.

Traders are now watching whether XRP can reclaim $1.60 and build momentum toward the $2 level.

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