XRP's rally continues to show strength after breaking above $3 for the first time in three years.
ripple (XRP(by more than 16% from a 24-hour low of $2.73 to an intraday high of $3.17 on January 16, pushing its market value to $178 billion and strengthening its position as the third largest cryptocurrency after Bitcoin)Bitcoin) and Ethereum (Ethereum).
At the time of writing, the price of XRP was up 8.4%, supported by leap In trading activity. The token's 24-hour trading volume reached $23.8 billion, representing a 79.40% increase compared to the previous day.
Why is XRP rising?
XRP's recent rally, which initially began on December 30, when the altcoin bottomed around the psychological support level of $2, was primarily driven by optimism surrounding the inauguration of President-elect Donald Trump on January 20, which will bring some highly anticipated expectations. Changes In the Securities Commission.
Securities and Exchange Commission lawsuit v. Ripple, which began in December 2020, accused the company of conducting unregistered securities offerings through XRP sales. Under the current Chairman of the Securities and Exchange Commission, Gary GenslerThe case witnessed a long lawsuit.
Gensler is expected to step down from his position as SEC chairman on January 20, along with a pro-crypto supporter. Paul AtkinsTrump's nominee, is set to take office. This shift in leadership has fueled speculation that the SEC may abandon its appeal in the Ripple lawsuit, which could pave the way for a favorable settlement and lift the regulatory cloud that has long loomed over XRP and also raise the possibility of a shift in leadership. Spot XRP ETF Get approval.
Furthermore, Ripple CEO Brad Garlinghouse previously noted that Trump's election win has already had a positive impact on Ripple, with the company signing more deals in the last six weeks of 2024 than in the previous six months. see below.
In addition to hopes for regulatory clarity, the growth of the broader Ripple ecosystem has also played a pivotal role in boosting positive investor sentiment around the altcoin while also expanding the utility of the network.
Notably, Ripple's dollar-pegged stablecoin RLUSD, which was launched in mid-December 2024, has already been Transgression Many of its competitors include PayPal's PYUSD and Justin Sun's USDD and Frax.
Nearly a month after its launch, the stablecoin has amassed more than $72 million in market capitalization and boasted a 24-hour trading volume of $141 million at writing. In comparison, PYUSD, which launched in 2023, had a 24-hour trading volume of $24 million.
At the same time, growing in popularity Ripple coins meme Such as the XRP ARMY, which is up over 186% in the past week, and Britto, which is closely following with weekly gains of over 87%. Other memes, such as PHNIX and LIHUA, also posted double-digit gains.
Whales have also contributed to XRP's bullish momentum. According to data from analytics platform Santiment, wallets containing between 1 million and 10 million XRP tokens have accumulated more than $3.8 billion worth of XRP since November 12, as reported on January 15. mail On X.
XRP could rise to $10: analysts
With the above factors and Bitcoin back above $100,000 US CPI data is cooler than expectedMarket analysts expect XRP's rise to continue in the coming days and surpass its previous all-time high, with many anticipating a potential rise to a new all-time high of $10.
According to analyst Ali Martinez, XRP was currently in the middle of a “massive bullish breakout.” Recently Share XHe explained that recent whale accumulation and retail buying helped the altcoin break out of the bull flag, putting the token at a price that could push it to $10.
Well-followed XRP community member “XRP Whale” as well He pointed out To a similar goal.
At the time of writing, XRP is about 9% below its all-time high of $3.40, which was reached in January 2018.
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