XRP Surges 14%, Nears $1.70 as Bulls Eye $2 Mark

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As a seasoned crypto investor with a knack for spotting undervalued gems, I must admit, the surge of XRP has caught my attention. The token’s 200% rise in a month is nothing short of impressive, especially when compared to the sluggish performance of many other cryptocurrencies.

The price of XRP has climbed to its peak since April 2021, propelled by optimistic market activity that’s pushing the digital coin towards a potential value of $2, suggesting a robust resurgence for the previously faltering cryptocurrency.

The token has gained 14% in the past 24 hours, outpacing Bitcoin and other major cryptocurrencies. This extends a month-long rally in which XRP has risen by 200%, making it one of the best-performing major tokens alongside Dogecoin (DOGE).

During the European morning, prices nearly reached $1.70. This was accompanied by a significant increase in trading volume, up approximately 30%, reaching around $10 billion. A large portion of this surge can be attributed to heightened activity on South Korea’s UpBit exchange.

Investor confidence in tokens linked to American businesses like Ripple Labs (XRP’s main supporter) started increasing from early November onwards. This surge was a result of the Republican victories in the US elections.

The announcement made around mid-November indicated that the head of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, would be leaving his position in January. This development has sparked optimism for a more favorable regulatory climate towards cryptocurrencies, which has increased XRP’s attractiveness among traders and investors.

The number of ongoing XRP futures contracts, representing approximately 2 billion XRP tokens worth more than $2 billion, is currently at an all-time peak. This surge in activity indicates increased anticipation for market fluctuations and potential further price increases.

Investors are looking forward to the possible approval of an XRP-based Exchange Traded Fund (ETF) in the United States, given that regulatory hurdles might be softening. The establishment of a money-market fund on the XRP Ledger has significantly increased institutional attention, as this ledger employs XRP for transaction charges.

Recently, Ripple declared its plans to put money into the revamped Bitwise Physically Backed XRP Exchange-Traded Product (ETP), which was formerly known as the ETC Group Physical XRP. This announcement led to a 10% increase in price, highlighting Ripple’s continuous dedication to the XRP market.

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2024-11-29 22:29