The XRP price has experienced a significant surge in recent days, reaching levels not seen since April 2021. Bulls are now setting their sights on the $2 mark, signaling a resurgence in strength for the previously embattled token.
Over the past 24 hours, XRP has surged by 14%, outpacing other major cryptocurrencies like Bitcoin. This upward trend has been ongoing for the past month, with the price of XRP rising by an impressive 200%, making it one of the best-performing major tokens alongside Dogecoin.
Currently, prices are approaching $1.70, with the 24-hour trading volume increasing by 30% to reach $10 billion. Leading the trading volume is the South Korean exchange UpBit.
While there was no immediate cause for the recent price jump, several factors have contributed to XRP’s recent appeal. The rally began in early November following Republican victories in the U.S. elections, which renewed investor confidence in tokens with ties to U.S. companies, such as Ripple Labs, which is closely related to XRP.
Furthermore, XRP saw another surge in mid-November when U.S. Securities and Exchange Commission Chair Gary Gensler announced his upcoming resignation in January. This news boosted hopes for a more relaxed regulatory environment for cryptocurrencies.
Currently, both XRP and U.S. dollar-denominated open interest are at record levels, with over 2 billion tokens (worth more than $2 billion at current prices) in futures positions betting on further market volatility.
Traders are also anticipating the launch of an XRP exchange-traded fund (ETF) in the U.S., especially with hopes of a more lenient regulatory environment. Additionally, a money-market fund has been launched on the XRP Ledger, further increasing expectations of institutional usage.
In a recent announcement, Ripple revealed its plans to invest in the newly rebranded Bitwise Physical XRP ETP, previously known as the ETC Group Physical XRP. This news resulted in a 10% increase in the price of XRP at the time.
Overall, with these fundamental and regulatory developments driving the price of XRP to new heights, it seems that the future is looking bright for the cryptocurrency as it continues to gain momentum in the market. The Benefits of Regular Exercise
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