Over the past day, the value of XRP‘s native token has experienced a roughly 1% increase, even though there was a substantial decline in the last few hours that caused it to drop by over 1.5% from approximately $2.46, leaving it currently at about $2.42.
Based on current market information, the price of cryptocurrencies has increased due to a broader surge in the cryptocurrency market. This upswing was driven by bitcoin reaching over $100,000, sparking renewed investor enthusiasm.
Despite a recent dip, Ripple (XRP) has managed to surge over 15.8% in the last week and currently ranks as the third-largest digital currency by market capitalization. It boasts a significant market value of approximately $139 billion, outranking Tether’s market cap of around $137.5 billion.
The significant rise in the cryptocurrency market is primarily linked to optimism about a more accommodating regulatory climate under President-elect Donald Trump. Expected policy changes, such as the creation of a strategic Bitcoin reserve and the selection of Paul Atkins as SEC chair, have fueled investor trust.
Furthermore, the authorization of bitcoin spot ETFs around a year ago has facilitated easier access to digital currencies, thereby fueling the ongoing bullish trend in the market.
At present, there’s an increase occurring concurrently with a surge in corporate investors significantly increasing their bitcoin holdings. In particular, MicroStrategy has declared intentions to gather as much as $2 billion by offering preferred stocks, which they aim to use for further Bitcoin acquisitions during the current year.
Trump’s supportive view on cryptocurrencies has sparked discussions about the potential upcoming launch of an Exchange-Traded Fund (ETF) focused on XRP, offering investors exposure to it. Multiple firms, such as Bitwise, Canary Capital, WisdomTree, and 21Shares, have already applied for spot XRP ETFs. Ripple’s CEO, Brad Garlinghouse, even hinted that a fund like this was “simply unavoidable.
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2025-01-07 16:04