What to know:
- XRP surged 11% over the last 24 hours, leading the crypto market rally as Bitcoin surpassed $100,000.
- The token regained its status as the third largest cryptocurrency by market cap, now valued higher than BlackRock.
- Major holders increased their XRP by 1.4 billion coins worth approximately $3.8 billion over the last two months.
XRP, the cryptocurrency associated with Ripple, climbed to a six-year high on January 15 as Bitcoin reached $100,000, spurred by a favorable U.S. CPI inflation data report. The price of XRP hit $3 for the first time since early 2018. Currently, it trades at approximately $2.95, marking an 11% increase since yesterday.
Performance Overview:
- XRP has profited 488% since Trump’s election, standing at a market value of $170 billion, above BlackRock.
- This increase reflects anticipation of supportive crypto policies in the U.S., especially with ongoing SEC versus Ripple legal battles regarding XRP token sales.
"This rise is driven by numerous partnerships, the upcoming launch of Ripple's stablecoin RLUSD, and speculation around a spot XRP ETF," stated Diego Cardenas.
Ripple's President, Monica Long, recently expressed expectations for a spot ETF approval soon.
XRP broke out of a consolidation period from early December, as noted by CoinDesk analyst Omkar Godbole. A further rise of 15% from the current level could lead XRP to all-time highs above $3.4.
Expectations:
- With significant investments accumulating, optimistic sentiment is likely to amplify XRP's upward momentum in the token market.
