As a seasoned researcher with years of experience navigating the dynamic world of cryptocurrencies, I find myself increasingly intrigued by the recent surge in XRP prices. My personal journey in this field has taken me through various market cycles and regulatory shifts, making me well-versed in the ebbs and flows of the crypto sphere.
The price of XRP surged following the news that Gary Gensler was stepping down as chair of the U.S. Securities and Exchange Commission (SEC) in January, which continued a more than two-week upward trading trend.
In the last 24 hours, the price of XRP jumped by 25%, mainly during the early hours of Friday in Asia, due to a general assumption that there will be a move towards more cryptocurrency-friendly regulations for US-based businesses.
It’s important to note that XRP shares a connection with Ripple Labs, a well-known payments company that has faced scrutiny from the SEC since 2020 due to accusations of selling the token as an unregistered security to U.S. investors. However, in 2024, Ripple successfully navigated a lengthy court case, refocusing attention on XRP – a significant digital asset with a market cap of approximately $77 billion.
Over the last seven days, the token has experienced a 65% increase, while it’s risen by an impressive 150% over the past month. According to CoinDesk’s market analysts, we can expect a temporary peak at around $1.40 in the near future.
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2024’s win by Donald Trump is being warmly welcomed within the crypto world, given his past supportive stance towards cryptocurrencies. Investors are placing their bets on the possibility that his leadership could implement policies beneficial for the expansion and development of the crypto sector.
As an analyst, I find myself observing a buzz among certain traders regarding the potential launch of an Exchange-Traded Fund (ETF) based on XRP within the U.S. This anticipation stems from the perception that the regulatory landscape may become more favorable towards such financial instruments.
This week, XRP and Dogecoin (DOGE) saw unusually high trading volumes compared to Bitcoin‘s normal levels on South Korean exchanges, indicating an intense wave of interest or demand.
The open interest for both XRP and USD-denominated contracts has surpassed previous highs, with approximately 2 billion XRP tokens (equivalent to over $2 billion at present prices) being held in future contracts that predict increased market fluctuations.
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2024-11-22 07:11