XRP Price Up 15% in 24 Hours: How Optimistic Is the Situation
The XRP price has gained 15 percent in the last 24 hours alone. Ripple’s cryptocurrency is now the leader among the top 10. But why is the coin making such massive gains right now?
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XRP Price Up 15% in 24 Hours: How Optimistic Is the Situation
The XRP price has gained a full 15 percent in the last 24 hours alone. In the weekly trend, the price gain has risen to 18.90 percent. The cryptocurrency from developer Ripple is therefore the leader among the top 10 in both the daily and weekly trend .
Thanks to recent gains, XRP is now the fifth-largest cryptocurrency by market capitalization. With a total value of $95 billion, the project narrowly beats BNB, whose closest rival is just behind at $94 billion.
At the time of writing, XRP is trading at 1.68 US dollars. However, the cryptocurrency is still a long way from its all-time high of 3.84 US dollars, which was set in January 2018. Since then, the value has lost a good 56 percent.
Since the all-time high, the circulating supply has increased sharply. At that time, there were only 38 billion coins in circulation. Today, there are already 57 billion XRP. The maximum supply of the cryptocurrency is 100 billion.
Some analysts therefore fear that XRP will never be able to reach a new all-time high. Optimists expect a massive breakout. The well-known trader Crypto Michael predicted a breakout back in July.
“A historic XRP breakout awaits us! In all my years of crypto trading, I have never seen a seven-year bull flag,” Michael wrote.
However, the analyst did not give a precise price target. The comments contain all sorts of high speculations, the extent of which is often unrealistic. Some users expect a price of 25 US dollars per XRP.
For this to happen, the cryptocurrency would have to reach a market capitalization of 1.4 trillion US dollars. As things stand, XRP would be the second largest coin after Bitcoin. Altcoin Daily predicts a realistic price target of five US dollars in the 2025 bull market.
Why is the XRP price rising massively right now?
The question arises: Why is the XRP price rising so massively right now? Some positive events are emerging that should bring profits to the entire crypto market in the future.
XRP is rising particularly strongly because an expected political change may have a particularly positive effect on the coin. XRP has been in legal disputes with US authorities since 2020.
The charges were filed by the SEC during the Trump administration, but the lawsuit was pursued particularly aggressively under the Biden administration and its SEC chief Gary Gensler.
However, this is likely to end in the foreseeable future. Trump will take office again on January 20th. Since his last term in office, he has turned into a crypto advocate.
A continuation of the lawsuit against Ripple is therefore not to be expected. SEC chief Gensler will most likely not be able to keep his office. This should provide legal certainty for the cryptocurrency XRP after years of anxiety. The cryptocurrency is therefore becoming more attractive as an investment.
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There is also new interest from institutional investors. XRP is considered a banker coin and is therefore likely to flourish particularly strongly due to this trend. The release of XRP spot ETFs is expected.
