The crypto market was taken by surprise as XRP made impressive gains of 17% within a single day. This has drawn the attention of both investors and experts. The main question is, what's behind this rise and how will it affect XRP's future?
Recent Changes in XRP Price Prediction
XRP is currently priced at $0.785789, with a 24-hour trading volume of $18.49 billion and a market capitalization of $44.69 billion. In the past 24 hours, XRP's price surged by 11.70%. Its all-time high was reached on January 4, 2018, at $3.92, while its lowest recorded price was $0.002802 on July 7, 2014. The current market sentiment for XRP is bullish, with the Fear & Greed Index at 80 (Extreme Greed), indicating strong positive market momentum. The circulating supply of XRP is 56.87 billion out of a maximum supply of 100 billion XRP.
Why is XRP Price Up?
The recent price rally of XRP is fueled by several key events. Firstly, a lawsuit filed by 18 US states against the SEC and its chairman, Gary Gensler, has brought hope for reduced regulatory pressure on crypto projects like Ripple Labs. Secondly, speculation about a more crypto-friendly SEC chair under a new administration could support the expansion and use of XRP. Additionally, Robinhood's listing of XRP indicates growing confidence in its legitimacy.
XRP Price Prediction: What's Next for XRP?
In the near term, XRP's momentum might continue, supported by expected regulatory changes with the new administration in January 2025. However, the overall economic picture might affect broader crypto gains if the Federal Reserve maintains tight monetary policies. The focus will be on how Ripple Labs leverages this positive momentum.
In the short term, XRP may continue to rise due to positive regulatory prospects and support from major platforms. However, the influence of the broader economic environment and Federal Reserve actions should not be overlooked.
