The cryptocurrency XRP is witnessing a significant surge, surpassing the $2 mark for the first time since 2018, marking a pivotal moment for investors.
Increased Demand and Institutional Activity
A notable market event recently occurred with a $2.1 million order executed on Binance, sparking discussions within the community. Speculation suggests institutional investors are behind this move, aligning with broader expectations of regulatory clarity, with U.S. SEC Chair Gary Gensler set to resign in January 2025.
The Coming XRP Surge
Prominent cryptocurrency enthusiast Kenny Nguyen shared the developments surrounding XRP on social media platform X, highlighting the reducing supply of XRP on crypto exchanges as an indicator of growing interest. Nguyen suggests that as XRP's supply diminishes and demand increases, it may lead to a sharp price rise.
Current Performance and Projections
At the time of press, XRP is trading at $2.31, with a trading volume of $27.37 billion, representing an 87% rise from yesterday. XRP has also surpassed Solana, BNB, and USDT to become the third-largest cryptocurrency by market cap. Crypto influencer Bitboy remains confident that XRP could surpass Ethereum if current growth trends continue.
The growth of XRP and its high demand are leading to a depletion of the token on exchanges. Investors and analysts continue to keep a close watch on further market movements.
