What to know:
- XRP surged 11% over the past 24 hours, leading the crypto rally as bitcoin briefly topped $100,000.
- The token reclaimed its ranking as the third largest cryptocurrency by market capitalization, and has a larger market value than asset management behemoth BlackRock.
- Large token holders increased XRP holdings by 1.4 billion coins worth roughly $3.8 billion over the past two months, continuing the accumulation while prices consolidated since early December highs, Santiment noted.
On Wednesday, the XRP token, tied to the XRP Ledger and similar to Ripple, reached a six-year peak. This upward trend coincided with bitcoin (BTC) soaring towards $100,000. Traders were buoyed by this morning’s U.S. Consumer Price Index (CPI) inflation report, which was highly anticipated, contributing to the surge in XRP.
During the initial U.S. trading hours today, the token reached a high of around $3 for the first time since early January 2018. However, it subsequently scaled back its gains, currently trading at approximately $2.95. Over the last day, it has surged by 11%, surpassing bitcoin’s (BTC) 3.6% increase and outperforming the CoinDesk 20 Index’s rise of 6.7%.
Since Donald Trump’s election victory, XRP has been one of the top-performing tokens, experiencing a staggering 488% increase in value. This digital currency has risen to become the third largest cryptocurrency by market capitalization, surpassing Tether’s USDT stablecoin once more. With a market value of approximately $170 billion, XRP now outmatches the market cap of financial titan BlackRock (BLK).
This significant growth can be attributed to expectations of favorable cryptocurrency policies and regulatory changes in the U.S. Notably, the Securities and Exchange Commission (SEC) and Ripple have been engaged in a prolonged legal dispute regarding XRP token sales.
Diego Cardenas, OTC trader and member of digital asset platform Abra, stated in a note sent to CoinDesk that this increase is fueled by an expansion in collaborations, the introduction of Ripple’s stablecoin RLUSD, and anticipation surrounding a possible XRP ETF. In a recent interview, Ripple President Monica Long expressed her belief that a spot ETF will be authorized “very quickly” as approvals under the new administration are likely to speed up.
XRP recently burst through the consolidation trend that began in early December, as pointed out by CoinDesk market analyst Omkar Godbole last week. This move opens up the possibility of another 15% increase from its current prices, which would set new all-time highs surpassing the $3.4 mark reached in January 2018. However, considering inflation over time, XRP needs to exceed $4.24 to establish a new record high, according to Galaxy research head Alex Thorn in a post on their platform.
Over the last two months, a significant increase in large investors buying XRP tokens might contribute to pushing prices towards fresh highs.
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2025-01-16 17:40