As a seasoned crypto investor who has witnessed the rise and fall of many digital assets, I must admit that the recent surge of XRP has left me both astounded and elated. The last time I saw XRP trading above $2 was nearly six years ago, during the height of the 2017 bull run when every crypto investor believed they were a genius for buying Bitcoin at $150.
In the last 24 hours, Ripple‘s native token experienced a significant boost, propelling its value beyond $2 for the first time since early 2018, showcasing another impressive surge in its performance.
In the process, XRP has surpassed SOL to become the fourth-largest cryptocurrency by market cap.
After Donald Trump’s triumph in the 2024 U.S. presidential elections about a month back, the overall crypto market experienced significant growth. However, initially, XRP seemed somewhat slow and lagged behind compared to other cryptocurrencies such as DOGE, actually losing value relative to them.
Yet, when whispers spread that SEC Chair Gary Gensler might resign following Trump’s inauguration, Ripple’s token embarked on an astonishing surge.
Last week, it became undeniably clear that Gensler would step down from his role as Chairman of the U.S. regulatory body that has been engaged in a lengthy legal dispute with Ripple, when he formally declared this intention.
Over the past week, XRP surged beyond the dollar mark and continued rising. It reached a roadblock at approximately $1.65 last Friday, but the positive momentum persisted, causing its value to jump by half on a weekly basis. As a result, the digital token peaked at $2.09 earlier today, marking its highest point since early 2018.
As a researcher, I’m excited to note that the asset under examination has significantly outperformed its peers among the top 10 alternatives in the last month. It has experienced a remarkable growth of 300%. This impressive surge has allowed it to surpass digital currencies like Binance Coin and Solana just moments ago, moving up the rankings.
Currently, XRP holds the position of being the fourth-largest cryptocurrency, boasting a market capitalization of approximately $116 billion. Following closely behind is Tether, with a market cap of around $134 billion, as per data from CoinGecko.
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2024-12-01 22:46