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XRP price has broken past the $2 milestone for the first time in nearly seven years, marking a significant milestone in its recent price rally. This surge has propelled XRP ahead of Solana (SOL) by market capitalization, making it the fourth-largest cryptocurrency, while Ethereum (ETH) reached its highest price in six months.
As of this writing, XRP is trading at $2.12, a level it hasn’t seen since January 2018. The cryptocurrency is up 15% in the last 24 hours, with a staggering 54% gain over the past week. Over the past 30 days, XRP’s price has skyrocketed by 318%, effectively quadrupling its value.
With a market capitalization of $134 billion, XRP has overtaken Solana, which now holds a market cap of $112 billion. This dramatic rise in value highlights the growing confidence in XRP, driven largely by expectations of a favourable regulatory environment.
Regulatory Optimism Fuels XRP’s Rally
XRP’s recent rally can be attributed to optimism surrounding its regulatory outlook. The upcoming administration of President-elect Donald Trump, who campaigned on a pro-crypto agenda, and the announced resignation of SEC Chair Gary Gensler, have significantly boosted investor sentiment. Gensler’s tenure has been marked by a contentious lawsuit against Ripple Labs, the creators of XRP, over alleged securities violations.
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The regime change has fueled speculation that regulatory pressures on XRP could ease, paving the way for greater adoption, including the potential for spot ETFs and other financial products. This newfound optimism has reinvigorated the market, pushing XRP price closer to its all-time high of $3.40 from January 2018 than it has been in years.
If we go back in history, it becomes quite clear that XRP has been affected by the regulators more than any other coin on the market. Even Bitcoin and Ethereum never had to deal with as many investigations and lawsuits as Ripple had to face. This then, makes this green candle party very much obvious as XRP has always had use cases and big corporates as the user base, but there was always something that brought it down.
Ethereum Also Gains Momentum
Ethereum, which had lagged behind other major cryptocurrencies in recent months, has shown renewed strength. On Sunday, ETH hit $3,741, marking its highest price in six months. Going further back, over the past week, Ethereum has gained 11% and surged 48% in the last 30 days. However, it remains 24% below its all-time high of $4,878 set in November 2021. Will it repeat the ascent we saw XRP price and BTC do? Our analysis hints towards it, but do not take this as financial advice.
As of now, Ethereum’s price has slightly dipped to $3,707, showing a marginal daily growth of 0.4%. Meanwhile, Bitcoin (BTC) remains steady, trading at $97,200 with minimal movement in the past 24 hours.
Broader Market Trends
The broader crypto market has seen significant price increases following Trump’s election victory, with many coins experiencing substantial rallies. XRP’s sharp rise and Ethereum’s recent recovery are emblematic of renewed investor enthusiasm as regulatory uncertainties begin to clear and institutional interest in the sector grows.
While XRP is still 41% below its record high, the recent rally represents a significant comeback and a positive indicator for the cryptocurrency’s future. With changing political winds and shifting regulatory landscapes, the coming months may hold even greater opportunities for XRP, Ethereum, and the broader cryptocurrency market.
