XRP has experienced a significant rise, reaching $2.84, its highest level in six years. Let's explore the key factors that influenced its current dynamics.
XRP's Rise and Its Causes
XRP's recent rise to $2.84 occurred amid its relisting on the Robinhood platform and the activity of large investors on Coinbase. Although its price is still below the all-time high of $3.30 set in 2018, experts believe the cryptocurrency could surpass this record.
Impact of Trump's Victory
Donald Trump's victory in the US elections on November 5 became a catalyst for positive sentiments in the crypto market. Investors are betting on Trump's crypto promises, resulting in a 42% increase in the market's total valuation. Since his win, XRP has surged fivefold, outpacing the growth of Bitcoin, Ethereum, and Solana.
Outlook and Challenges for XRP
SEC Chairman Gary Gensler’s resignation is set for January 20. His departure could be advantageous for Ripple as he has taken a stringent stance on cryptocurrencies. According to Arthur Azizov, Gensler's exit may help Ripple resolve regulatory issues and open new growth opportunities for XRP. An XRP ETF launch is also anticipated to significantly boost its value.
XRP is on the rise, driven by various factors. If pro-crypto sentiments continue and regulatory hurdles are addressed, further price increases for this cryptocurrency may be on the horizon.
