XRP, Ripple’s digital asset, has defied market trends, surging 10% in 24 hours to $1.62. This marks its highest price since 2018, showcasing resilience despite ongoing challenges.
XRP Outperforms Bitcoin and the Market
While Bitcoin (BTC) gained a modest 0.4%, XRP’s growth exceeded 10%. It climbed from a daily low of $1.44 to an intraday high of $1.61 before stabilizing. Daily trading volume increased 10.6% to $8.4 billion, reflecting strong investor interest.
In contrast, the broader crypto market showed mixed performance. Ethereum (ETH) fell by 1.6%, while SUI dropped 7.03%. However, tokens like Solana (SOL) and Avalanche (AVAX) saw gains of 2.09% and 1.18%, respectively.
Key Drivers Behind XRP’s Surge
Regulatory Optimism
The market is optimistic about changes in U.S. crypto regulations. Reports of SEC Chair Gary Gensler’s departure have fueled hopes for a more pro-crypto leadership. A resolution to Ripple’s legal battle with the SEC could further boost XRP’s prospects.
Growing Institutional Interest
XRP Exchange-Traded Funds (ETFs) are gaining momentum. Bitwise recently rebranded its XRP product as the Bitwise Physical XRP ETP, signaling rising institutional confidence. Other asset managers like Canary Capital and 21Shares are also pursuing XRP ETFs, which could attract significant investment.
Can XRP Maintain Its Momentum?
XRP’s rise to $1.62 is a milestone, but sustaining this uptrend will depend on external factors like regulatory clarity and ETF approvals. With increased trading activity and institutional interest, XRP is well-positioned for further growth.
