XRP has shown impressive growth, reaching third place in the cryptocurrency market following a substantial 50% price increase in January.
XRP Growth in January
The XRP price increased by 50% in January, reaching a seven-year high above $3. With this rise, XRP continued its 240% rise in the last quarter of 2024, surpassing the steadily rising Tether.
Factors Influencing XRP Rise
The XRP rise was driven by whale accumulation and expectations for a spot XRP ETF approval. Notably, the record in XRP futures open interest, which reached a new high of 2.34 billion XRP, also played a role.
Future Developments
Cryptocurrencies continue to recover after the decline, with XRP and XLM leading the rise. Growing interest in XRP is attributed to new partnerships and the launch of Ripple's stablecoin RLUSD. Currently, XRP is trading at $3.11, up 8.5% over the last 24 hours.
Thus, XRP solidifies its position as the third most valuable cryptocurrency, showing sustained growth and promising market prospects.
