Ripple (XRP): A Bullish Surge Above $1.50 🚀
Ripple (XRP) is experiencing a notable bullish surge, with its price exceeding the $1.50 mark within the last 24 hours. Currently ranking as the sixth-largest cryptocurrency, with a substantial market capitalization of over $80 billion, there are indications that it may soon climb higher in market rankings. The recent performance of XRP raises questions about its potential for further growth this year.
Ripple (XRP): Exciting Price Movements Over $1.50 📈
XRP is displaying impressive performance metrics. Over the past 24 hours, the price has seen an increase from $1.36 to approximately $1.51, settling around $1.47 at this moment. Notably, the price reached a peak of $1.60 on November 23.
This bullish momentum has coincided with a series of events over the past month that have rekindled investor confidence in Ripple. Indeed, XRP has surged by an impressive 181% compared to its price of $0.50 just a month ago.
If the positive sentiment surrounding XRP persists, it is plausible that this cryptocurrency could reach its previous all-time high.
To provide context, XRP’s all-time high was $2.40 in January 2018. Additionally, another notable peak occurred in April 2021, reaching $1.75. Historically, the price of XRP has often remained below the $1 threshold, and the renewed interest in XRP started gaining momentum in the middle of this month.
Ripple (XRP): Positive News Driving the Price Up 🌟
Recent news within the cryptocurrency space has greatly assisted Ripple’s upward trajectory. A significant development is the registration of Wisdom Tree in Delaware for a new ETF focused on XRP.
This filing suggests a move to introduce an XRP spot ETF on U.S. exchanges, complementing existing ETFs for Bitcoin and Ethereum.
Alongside this, Bitwise has recently announced the rebranding of its European XRP exchange-traded product (ETP) to GXRP.
“$XRP, the fifth-largest cryptocurrency boasting over $80 billion in market capitalization, is gaining traction thanks to its quickness, efficiency, and reliability in various sectors, including cross-border payments, institutional DeFi, and real-world tokenization. Today, we announced the rebranding of our European XRP ETP to GXRP, traded on the Deutsche Börse XETRA and providing institutional-level access to XRP. We are also pleased to share that @Ripple has invested in the new ETP.”
However, a substantial catalyst for Ripple’s recent progress has been the emergence of resistance from 18 U.S. states against Gary Gensler and the Securities and Exchange Commission (SEC), accusing them of pursuing unnecessary actions against the crypto sector.
Ripple has historically faced the brunt of the SEC’s scrutiny, marked by a legal battle that spanned four challenging years.
Reaching New Heights: Resistance and Resilience in Ripple’s Journey 💪
Having endured a lengthy bout with resistance, it appears Ripple might now be poised for resilience and reconquest. Over four years of legal challenges from the SEC have seen XRP slipping in market rankings, yet it has consistently maintained a place within the top ten cryptocurrencies.
As it stands, Ripple appears to be overcoming previous hurdles and is now focused on reclaiming its former standing.
Currently, XRP sits in sixth place among cryptocurrencies by market capitalization, having recently surpassed DOGE. Presently, XRP boasts a market cap of $84 billion, whereas DOGE remains at around $59 billion. The latest objective for XRP is to surpass the fourth position held by BNB, which stands at $94 billion.
This year has certainly proven to be pivotal for Ripple as it navigates through various challenges and opportunities in the crypto landscape, showing significant signs of growth and resilience.
Sources:
CoinMarketCap
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