As a researcher, I’ve observed an impressive surge in the value of the native token for the XRP Ledger. To be precise, it has escalated by over 44.5% this year alone, outperforming the broader cryptocurrency market significantly. This stellar performance has propelled its market capitalization to a staggering near-$200 billion.
Recently, the growth spike of XRP has propelled its market value to outpace Goldman Sachs, as per Google Finance data, which indicates that the financial titan is presently valued at approximately $192 billion in terms of market capitalization.
Currently, XRP’s market value stands at approximately $193 billion, having experienced a significant price surge. This places it as the third-largest digital asset in terms of market capitalization, leaving it significantly behind Ethereum‘s market cap of around $400 billion and Bitcoin‘s impressive $1.9 trillion.
It’s worth noting that XRP is currently leading the overall cryptocurrency market growth, which can be attributed to several reasons. One such factor is a recent analysis by JPMorgan suggesting the possibility of a retail-based exchange-traded fund (ETF) could potentially draw billions in investments from investors.
Under President-elect Donald Trump’s administration, which seemed more open to cryptocurrencies, XRP, like many other digital assets, experienced an upward trend. The prospect of policy changes, such as the creation of a strategic Bitcoin reserve and the appointment of Paul Atkins as the SEC chairman, helped build investor trust and optimism.
It’s noteworthy that Atkins is perceived as a supporter of cryptocurrency, given his potential role as head of a regulatory body currently engaged in a legal dispute with Ripple, a significant entity within the XRP market, regarding their sales of XRP.
Trump’s supportive stance on cryptocurrencies has sparked discussions about the potential launch of an exchange-traded fund (ETF) focusing on XRP. Various companies, such as Bitwise, Canary Capital, WisdomTree, and 21Shares, have already submitted applications for spot XRP ETFs. Ripple’s CEO Brad Garlinghouse believes that such a fund is simply unavoidable in the future.
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2025-01-16 20:38