XRP Surge: Five Reasons Behind Ripple-Issued Crypto’s Growth
The Ripple-issued cryptocurrency, XRP, is on a remarkable upswing, reaching its highest price in six years at $2.48. This surge has positioned XRP as the third most valuable cryptocurrency globally, and experts believe there are several reasons why this trend may continue.
One major factor contributing to XRP’s rise is Donald Trump’s win in the US presidential election on November 5. The renewed bullish sentiment in the crypto market following the election has seen the overall market size soar to $3.5 trillion. Ripple CEO Brad Garlinghouse expressed optimism, stating that Trump’s presidency could “make crypto great again.” Since November 5, XRP has seen a significant fivefold increase, outperforming well-known cryptocurrencies like Bitcoin, Ethereum, and Solana.
XRP’s recent price increase can also be attributed to a trading frenzy, particularly after Robinhood relisted XRP on its platform last month. Coinbase whales have been driving the XRP rally, leading to a price premium for the cryptocurrency compared to other platforms. Additionally, South Korean retail investors have been actively contributing to XRP’s surge, with trading volumes surpassing Bitcoin on local exchanges like Upbit and Bithumb.
The resignation of SEC Chair Gary Gensler has also been cited as a potential catalyst for XRP’s price jump. Gensler’s departure is seen as a positive signal for Ripple, as it could potentially signal the end of the legal battle between the two parties. With a more favorable regulatory environment, XRP’s growth prospects could improve significantly.
Furthermore, with Bitcoin’s dominance decreasing and the overall crypto market value increasing, experts suggest that an altcoin season may be on the horizon. XRP, along with Solana, is in the running to become the next cryptocurrency to have an ETF approved. If XRP ETFs get the green light, it could further propel the price of XRP upwards.
Overall, the future looks promising for XRP, with many factors aligning to support its upward trajectory. As the crypto market continues to evolve, XRP’s recent performance highlights the potential for significant growth in the coming months.
