XRP, the innovative cryptocurrency launched by Ripple Labs Inc., has experienced a phenomenal surge of 27.72% in just the past seven days. This price increase has positioned XRP as the third largest cryptocurrency by market capitalization, following the giant Bitcoin and Ethereum.
As of December 2, 2024, XRP’s price rocketed from $1.80 to $2.30, with an astonishing 365% increase from its month-ago value of just $0.51. This impressive growth has made XRP one of the top gainers in the cryptocurrency market, alongside other notable assets like Peanut (PNUT), Stellar (XLM), and Hedera (HBAR).
The cryptocurrency’s market capitalization now stands at approximately $136 billion, surpassing Tether (USDT) at $134 billion and Solana (SOL) at $108 billion. These developments are primarily driven by increased trading activity, with XRP seeing around $26.41 billion in trades—a substantial surge of 75% in just one day.
Furthermore, Ripple’s expansion into new business territories and a growing market optimism have contributed significantly to the upward trajectory of XRP’s price. Market players are becoming increasingly bullish, recalling the all-time high of $3.80 achieved seven years ago.
- Ripple’s ongoing negotiations and initiatives can play a pivotal role in this price increase.
- Recent proposals for XRP Exchange-Traded Funds (ETFs) and the enthusiasm surrounding them have fueled interest among investors.
- Proposals such as those by WisdomTree for an XRP ETF and 21Shares for the 21Shares Core XRP Trust further highlight the growing institutional interest.
Despite the ongoing legal battles between Ripple and the SEC, investor optimism remains high. The potential for a looming crypto-friendly administration may positively shift regulatory landscapes, which could further encourage crypto adoption and investments. As the cryptocurrency community eagerly anticipates the next chapter for XRP, many are hopeful for favorable outcomes that could propel XRP back to its historical peaks.
