XRP Reaches $100 Billion Market Cap with Major Price Surge
XRP has made a remarkable leap, surpassing a $100 billion market cap on Friday, marking its highest valuation since January 2018.
This surge has propelled XRP ahead of BNB, securing the position of the fifth-largest cryptocurrency by market capitalization, according to CoinGecko data.
In the past 24 hours, XRP saw a notable price jump, reaching $1.9, with a weekly rise of 40%. Since the beginning of the year, XRP has seen over 200% increase in value. The asset now sits just behind Bitcoin, Ethereum, Tether, and Solana in market value, with Solana’s cap at $114 billion, slightly ahead of XRP’s $101 billion.
XRP’s impressive rise can be linked to several factors. One of the key influences has been the anticipation surrounding Donald Trump’s re-election. His pro-crypto stance has fueled optimism about the sector’s future, contributing to a broader market rally. However, the catalyst for XRP’s most significant gains is believed to be the resignation of SEC Chair Gary Gensler.
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XRP broke the $1 barrier for the first time since November 2021 after Gensler’s resignation was hinted at and later confirmed, propelling the token’s price up by 25%, reaching $1.4. This shift is seen as a turning point for Ripple’s ongoing legal battle with the SEC, with experts speculating that the case against Ripple and other crypto companies may soon be dismissed or settled favorably.
Ripple’s developments in the stablecoin market and its expanding presence in institutional adoption have also supported XRP’s growth. Major asset managers, such as Bitwise and Canary Capital, are seeking approval to launch XRP-focused ETFs, while Ripple is poised to secure approval from the New York Department of Financial Services for its RLUSD stablecoin.
Despite the positive momentum, analysts are cautious about the potential for short-term corrections. While some expect XRP to reach $1.90 or even $2 if bullish momentum continues, CryptoQuant analyst Maartunn cautions that the recent surge is largely driven by leveraged trading, which could result in significant price swings. A similar spike in the past led to a 17% price correction.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
