XRP, the cryptocurrency linked to Ripple Labs, has experienced a remarkable price surge, decoupling from Bitcoin’s price movement. Over the last 24 hours, while Bitcoin saw a modest increase of just 1.81%, XRP surged by over 12.77%, reaching $1.65.
This marks the highest price for XRP since 2018, highlighting the coin’s growing strength in the market. XRP’s strong performance stands out amid a broader market reversal, where several other top cryptocurrencies, including Ethereum and SUI, saw price declines.
Source: CoinMarketCap
XRP’s price climbed from a low of $1.44 to a high of $1.65 before settling at its current value. This 14.76% increase demonstrates the coin’s resilience and ability to operate independently of market trends. The trading volume for XRP has also increased by 10.32%, reaching $9.77 billion, a sign that investor interest in the asset is growing.
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Rising Optimism for XRP Despite Legal and Market Challenges
Renewed optimism surrounding XRP stems from various factors, including the potential overhaul of U.S. cryptocurrency regulations. As the term of U.S. SEC chair Gary Gensler comes to a close, there is growing hope within the cryptocurrency community. Many believe a new chair will bring more substantial changes to cryptocurrency regulation methodologies. Investors have noted that, after over two years of consideration, the legal process has indicated that the Ripple Labs –SEC case might soon end.
In addition to regulatory developments, market sentiment toward XRP has been bolstered by recent moves in the financial sector. Asset managers, including Bitwise, have taken steps to introduce XRP-based Exchange-Traded Funds (ETFs) in the U.S. This has sparked expectations that institutional investors could soon flood into the market, potentially driving up XRP’s value even further. Bitwise recently rebranded its XRP Exchange-Traded Product (ETP) to the Bitwise Physical XRP ETP, signaling a growing push to establish more formal investment vehicles for XRP. Other firms like Canary Capital and 21Shares also work on similar initiatives.
These developments suggest a turning tide for XRP, with growing institutional interest and regulatory optimism contributing to its price surge. While other cryptocurrencies, such as Ethereum and SUI, have faced declines, XRP’s trajectory is on the rise, fueled by market dynamics and favorable regulatory changes.
Also Read: Ripple Burns Over 46 Million RLUSD Tokens Amid Speculation of Upcoming Stablecoin Launch
