The XRP rally has continued to show strength after breaching $3 for the first time in three years.
On January 16th, Ripple‘s value increased by approximately 16% from a 24-hour low of $2.73 to a peak of $3.17. This boosted its total market value to an impressive $178 billion, solidifying its status as the third most valuable cryptocurrency, trailing behind Bitcoin (BTC) and Ethereum (ETH).
As an analyst, at the current moment, I’m observing a notable 8.4% rise in the value of XRP. This upward trend appears to be fueled by a significant spike in trading activity. In the past 24 hours, the token’s trading volume has soared to a staggering $23.8 billion, which represents a substantial 79.40% increase compared to the day prior.
Why XRP is going up?
The surge in XRP’s value, which started on Dec. 30 as it found a base near the $2 psychological support point, has largely been driven by optimism about the upcoming changes at the Securities Exchange Commission (SEC) following President-Elect Donald Trump’s inauguration on Jan. 20.
Back in December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs Inc., alleging that the company violated securities laws by selling XRP without proper registration. Since Gary Gensler took over as SEC Chair, this case has continued through a lengthy legal process.
As a researcher, I’m anticipating my role as SEC Chair to transition on January 20th, with Paul Atkins, a pro-crypto advocate, taking the helm. This change in leadership has sparked speculation that the SEC might reconsider its stance in the Ripple lawsuit, possibly leading to a resolution that favors Ripple and lifting the regulatory uncertainty that has long cast a shadow over XRP. Furthermore, it increases the odds of a spot XRP ETF being approved.
Moreover, it’s worth mentioning that the victory of Donald Trump has reportedly had a favorable impact on Ripple, as the company managed to secure more partnerships during the final six weeks of 2024 than they did in the preceding six months. For your reference:
[…]
The election of Donald Trump seems to have boosted Ripple’s business, with the company signing more deals at the end of 2024 compared to the previous six months.
2025 has arrived, and the Trump-era bull market is indeed a reality. For Ripple, this development hits home especially hard following years of business limitations imposed by the SEC under Gensler’s leadership, effectively freezing opportunities within our domestic landscape. The enthusiasm and optimism are palpable and well-earned.
Today:
✅ Three-quarters (75%) of Ripple’s open positions are now based in the United States, while…— Brad Garlinghouse (@bgarlinghouse) January 5, 2025
Besides waiting for regulatory confirmation, the expansion of the wider Ripple system has significantly contributed to optimistic investor attitudes towards the altcoin and increasing its practical applications within the network.
Remarkably, the stablecoin issued by Ripple, RLUSD, which debuted in mid-December 2024, has outpaced several rivals such as PayPal’s PYUSD, Justin Sun’s USDD, and Frax.
Approximately one month after its debut, the stablecoin has accumulated a market capitalization exceeding $72 million and recorded a 24-hour trading volume of approximately $141 million at the time of writing. Conversely, PYUSD – launched in 2023 – had a daily trading volume amounting to $24 million.
Currently, the fame of Ripple-related meme coins such as XRP ARMY and Britto is surging. In just a week, XRP ARMY witnessed a rise of more than 186%, while Britto followed closely with weekly increases exceeding 87%. Additionally, other memes like PHNIX and LIHUA reported significant gains in the double digits.
It appears that the increase in XRP’s value has been fueled, in part, by whales. As per information from analytics platform Santiment, these large XRP holders (with between 1 million and 10 million tokens) have amassed approximately $3.8 billion worth of XRP since November 12. This was pointed out in a post dated January 15 on X’s platform.
XRP could rally to $10: analysts
Given the previously mentioned factors and Bitcoin reaching over $100,000 due to lower than expected U.S. inflation data, financial experts predict that XRP’s upward trend will persist in the near future, potentially surpassing its old record high, and some even estimate a possible ascent towards a new peak of approximately $10.
As per analyst Ali Martinez’s latest analysis, XRP is experiencing a significant surge or “bullish breakout.” In his recent blog post, he elaborated that accumulation by large investors (whales) and increased buying from retail investors have contributed to this bullish trend. This bullish movement seems to have propelled XRP out of a ‘bull pennant’ formation, which suggests the potential for its price to potentially reach $10.
Well-followed XRP community member ‘XRP Whale’ also pointed to a similar target.
As I’m penning this down, I find myself noting that XRP is roughly 9% lower than its peak value of $3.40, a level it attained back in January 2018.
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2025-01-16 17:30