Oh, the drama and excitement in the world of cryptocurrencies! XRP, the native token of the XRP Ledger, is having a moment, with its price soaring to new heights. In the past 24 hours, XRP has jumped by 5%, bringing its price to $3.34, a 35% increase in just a week! With a market cap of $192 billion, XRP is now more valuable than USDT’s $138 billion and is nipping at the heels of Goldman Sachs’ $193.5 billion valuation.
What’s Fueling XRP’s Skyward Journey?
Ah, the juicy bits! XRP’s surge can be attributed to several factors. JPMorgan’s report on the potential impact of a spot ETF on XRP’s price suggests that billions of dollars will flow into XRP when the ETF is launched, causing demand to skyrocket. And, rumor has it that former President Trump may approve an American Crypto Reserve holding Ripple‘s XRP, which will be announced as a Trump Executive Order this week.
Ripple’s CEO, Brad Garlinghouse, has also hinted at the inevitability of an XRP ETF, with companies like Bitwise and WisdomTree already filing for it. As of today, Bloomberg analyst James Seyffart posted a list of digital asset ETF filings, and guess who’s there? XRP, with multiple filings by Bitwise, Canary, and others.
In other news, the U.S. SEC is revamping its crypto regulation strategy, with a new crypto task force led by Commissioner Hester Peirce, a known crypto advocate. This task force aims to create a clear regulatory framework for crypto assets, collaborating with industry stakeholders, Congress, and the CFTC to resolve jurisdictional conflicts and regulatory ambiguities. Could this mean the approval of XRP ETFs? Time will tell!
And let’s not forget the impact of Trump’s pro-crypto stance, which has sent XRP futures soaring to all-time highs. Open interest, a measure of market sentiment, was at an all-time high of $7.6 billion on Jan 18, before settling at $7.1 billion. With a 90% increase since Jan 9, high open interest indicates strong market momentum and investor confidence.
XRP’s Legal Saga and Regulatory Developments
Indeed, XRP’s legal battle with the SEC has been a rollercoaster. The SEC sued Ripple for unregistered securities offerings through XRP sales in 2020. However, in July 2023, a federal court ruled that XRP is not a security when sold on exchanges, although institutional sales were deemed unregistered securities. The SEC appealed this decision in late 2024, and the case is still ongoing. Ripple’s CLO, Stuart Alderoty, has criticized the SEC for the slow process, but things may change with the new administration.
Despite the legal hurdles, Ripple has been making moves. In 2023, it acquired Swiss crypto custody firm Metaco for $250 million and got approval from Singapore’s Monetary Authority to offer digital payment token services. Ripple is also expanding in the Asia-Pacific region and launched RLUSD, a US dollar-pegged stablecoin, in October 2024.
XRP’s Future: To the Moon?
With XRP’s price skyrocketing, many are wondering if it will reach the fabled $25 mark. While it’s hard to predict the future, XRP’s technicals are looking bullish, with the 10-day SMA at $3.2
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2025-01-22 12:38