For the first time in almost seven years, XRP has hit a record high of $3.39, surpassing its peak from 2018. Today, Ripple‘s digital coin has seen a rise of more than 15%, and since the start of January, it has increased by approximately 40%.
The market value of XRP stands at approximately $193 billion, making it the third most significant digital currency in circulation, surpassing Tether, Solana, Binance Coin (BNB), and numerous other cryptocurrencies.
XRP All-Time High is not $3.84
The frequently mentioned record high price of XRP at $3.84 is often misleading; more accurately, it ranges between $3.30 and $3.40 according to Ripple’s CTO, David Schwartz, after considering certain factors.
It’s important to note that while CoinMarketCap displays XRP’s record high as $3.84, it’s crucial to understand that XRP was not actually tradable at this price point.
David “JoelKatz” Schwartz, Ripple’s CTO, stated that while it is frequently cited as a record-breaking price, one could not actually purchase or sell XRP for $3.84. This figure was inflated due to the usage of official currency exchange rates for Korean exchanges, which artificially increased its perceived value.
This misunderstanding arises from the “Kimchi Premium,” a term used for the observation that cryptocurrency prices in South Korea’s market tend to be noticeably higher than their prices in international markets.
The difference in price levels between global markets and South Korea is often due to capital controls and market inefficiencies within the country, causing local prices to become inflated. If these increased prices are included in global average calculations without proper adjustment, it can give a false impression that all-time highs have been reached when in fact they might not be as significant.
According to Ash Crypto, the value of XRP has reached an all-time peak of $3.38 following seven years of consolidation. This significant surge in price opens up potential targets ranging from $5 to $10. Ash predicts this could mark the beginning of a season where alternative cryptocurrencies (altcoins) perform exceptionally well.
XRP Marks a Historic Comeback with a New All-Time High
For the last six years, XRP hasn’t kept pace with many market rallies. Unlike Bitcoin, Ethereum, and Solana which each reached new record highs consecutively, XRP has failed to surpass the $1 mark since 2021.
The ongoing legal dispute between the SEC and the company, which centers around the SEC’s assertion that XRP is a security and that Ripple breached federal securities laws by not registering its token sale, has significantly hindered the cryptocurrency’s expansion over the past year.
Following Donald Trump’s re-election in November 2024, I’ve noticed a remarkable revival in the fortunes of XRP. This renewed vitality can be attributed to several factors.
Since Donald Trump’s re-election in November 2024, I have observed that XRP has experienced a significant resurgence. There are numerous reasons behind this revitalization.
Trump’s impending presidency is widely expected to usher in a wave of crypto-friendly regulations. The newly elected president has pledged to significantly revise the Securities and Exchange Commission’s (SEC) regulatory structure.
Primarily, Trump’s policies are aimed at bolstering the competitive edge of American cryptocurrency firms within the market. Given its significant presence, Ripple – a major player in the U.S. cryptocurrency sector – serves to underscore XRP’s reliability and credibility.
Additionally, it’s worth noting that Gary Gensler, the incumbent SEC chairman who spearheaded the examination of XRP, is planning to step down within the next week. The SEC has a candidate primed for the position, Paul Atkins, who holds a pro-cryptocurrency stance.
Simultaneously, Ripple has consistently contributed to Trump’s presidential campaign and inauguration fund, implying that the company may find itself in a favorable position with the incoming administration.
Just now, Ripple (XRP) has hit a new high not seen in 7 years, surpassing a market value of $3.39 for the first time since January 2018. This surge has resulted in an impressive 2,365 transactions worth $100,000 or more within the past 8 hours – the highest such spike since December 34th. Additionally, the number of XRP holders is rapidly increasing.” (Santiment’s report)
Yesterday, the SEC filed an appeal against the district court’s ruling that deemed XRP sales to retail investors as non-securities. The crypto community perceives this move by the regulatory body as a final effort to hinder the company in the wake of the upcoming change in administration next week.
It’s generally expected that the lawsuit by the SEC during Paul Atkins’ tenure will be dismissed, potentially igniting another speculative surge in the altcoin market.
For now, the XRP community is extremely bullish after today’s all-time high.
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2025-01-16 23:05