XRP’s price has surged significantly over the weekend, crossing the $2.00 threshold for the first time in nearly seven years, reaching a current value of $2.16. This represents a remarkable 15% increase in just one day and a staggering 54% rise over the past week, leading to an impressive 318% price hike in the last 30 days. XRP’s market capitalization has now risen to $134 billion, allowing it to surpass Solana and secure its position as the fourth-largest digital asset globally, whereas Solana’s market cap is approximately $112 billion.
This increase in XRP’s value is largely attributed to positive sentiment surrounding its regulatory environment. With the impending change in U.S. political leadership, optimism regarding Ripple Labs and its XRP token has grown, especially following the resignation announcement of SEC head Gary Gensler, effective January 20, 2025, coinciding with the swearing-in of President-elect Donald Trump. Analysts believe this shift may reduce the regulatory challenges currently facing XRP, potentially paving the way for its inclusion in spot exchange-traded funds (ETFs) and broader financial applications.
While XRP has seen a significant recovery, it remains about 41% lower than its all-time high of $3.40, achieved in January 2018. Meanwhile, Ethereum (ETH) has also demonstrated positive movement, reaching a six-month high of $3,741, reflecting an 11% increase over the week and a 48% rise in the past month, although it is still 24% off its all-time peak of $4,878 from 2021. Bitcoin’s price remains reasonably stable at around $97,200.
The growing momentum in the cryptocurrency market is an encouraging sign for both investors and the broader industry, suggesting a potential recovery phase and highlighting the resilience of digital assets amidst changing regulatory landscapes.
In summary, XRP’s impressive surge is indicative of shifting investor sentiment that may lead to greater acceptance and utilization in the financial sector. As the landscape evolves with new political leadership, there is a hopeful outlook for the future of cryptocurrencies as they gain traction and legitimacy in the marketplace.