XRP’s price surge is attributed to several factors, including renewed investor confidence in tokens linked to U.S. companies, a more relaxed regulatory environment, and increased trading volume led by South Korean exchange UpBit. The token’s price has risen 200% in the past month, making it the best-performing major token alongside dogecoin.
Overview
Key Developments
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XRP’s price rise is attributed to several fundamental and regulatory developments.
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The token’s price approached $1.70 in the European morning, with a 30% increase in 24-hour trading volume to $10 billion.
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Trading volume was led by South Korean exchange UpBit.
Factors Contributing to XRP’s Appeal
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Renewed investor confidence in tokens linked to U.S. companies, such as XRP’s closely related Ripple Labs, following Republican victories in the U.S. elections.
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Expectations of a more relaxed regulatory environment, with U.S. Securities and Exchange Commission Chair Gary Gensler stepping down in January.
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Over 2 billion tokens (worth over $2 billion at current prices) in futures positions betting on further market volatility.
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Anticipation of an XRP exchange-traded fund (ETF) in the U.S., especially those expecting a more-lenient regulatory environment.
Recent Price Movement
Recent Price Movement
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XRP’s price has risen 200% in the past month, making it the best-performing major token alongside dogecoin.
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Bulls are now eyeing the $2 mark, indicating renewed strength for the previously embattled token.
Price Movement
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XRP’s price rise is outpacing bitcoin and other major cryptocurrencies.
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The token’s price has risen 200% over the past month, making it the best-performing major token alongside dogecoin (DOGE).
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Prices approached $1.70 in the European morning, with a 24-hour trading volume rising 30% to $10 billion.
Trading Volume
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The surge in XRP’s price was led by South Korean exchange UpBit.
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There is no immediately apparent cause for Friday’s jump, although several factors have contributed to XRP’s appeal in recent weeks.
Regulatory Developments
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Republican victories in the U.S. elections renewed investor confidence in tokens with links to U.S. companies, such as XRP’s closely related Ripple Labs.
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The rise of XRP’s price was also driven by the announcement that U.S. Securities and Exchange Commission Chair Gary Gensler will step down in January, boosting hopes of a more relaxed regulatory environment.
Market Expectations
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Some traders expect an XRP exchange-traded fund (ETF) in the U.S., especially those anticipating a more-lenient regulatory environment.
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Over 2 billion tokens (worth more than $2 billion at current prices) are in futures positions betting on further market volatility.
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A money-market fund launched on XRP Ledger, the network that uses XRP as fees to confirm and process transactions, has boosted expectations of institutional usage.
