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XRP (XRP), the cryptocurrency issued by Ripple Labs, experienced a significant price surge in early December, surpassing US$2 for the first time since December 2017.
Based on data from TradingView recorded on Monday, XRP increased from US$1.9 to US$2.48, scoring the highest level in the last seven years, before finally experiencing a slight decline to US$2.42. Within one week, XRP recorded a price surge of 66%, while in the past month, this asset has experienced an extraordinary increase of 366%.
This significant price increase is also in line with the surge in daily trading volume, which increased by more than 58%, reaching US$24.1 billion. This helped push XRP’s market capitalization to US$135.7 billion, eventually overtaking Tether’s (USDT) market capitalization of US$134 billion.
With this achievement, XRP is now officially the third-largest cryptocurrency in the world by market capitalization after successfully shifting Solana’s position on Sunday (1/12).
What Caused the Recent Rise in XRP Price?
The surge in XRP price started after Donald Trump was announced as the winner of the US Presidential Election on 6 November. The positive sentiment towards Ripple and XRP grew after the news of Gary Gensler’s resignation as Chairman of the US Securities and Exchange Commission (SEC) scheduled for January 2025, coinciding with the start of Trump’s second term.
During Gensler’s tenure since 2021, the SEC implemented aggressive regulatory policies against the crypto industry, including over 100 legal actions against various crypto companies. Ripple Labs, in particular, was one of the SEC’s main targets, alleging that the company was offering unregistered securities. However, Judge Analisa Torres’ July 2023 ruling that XRP is not a security provided a major victory for Ripple and the XRP community.
The rise in XRP price has also coincided with more strategic partnerships and new product developments from Ripple Labs, such as the launch of the RLUSD stablecoin. In addition, speculation about the potential launch of an XRP ETF product and rumors that Elon Musk is planning to make a large investment in XRP and Ripple also reinforced the positive sentiment towards this asset.
XRP Price Analysis: Will it Reach $18?
The recent bullish wave has pushed the price of XRP to new highs. The token managed to break the $2 mark, which sparked the interest of new investors to look deeper into XRP’s potential. According to Egrag Crypto, a renowned crypto analyst, XRP still has great growth potential.
In a recent analysis, Egrag Crypto explained how XRP could have easily reached $18. He observed that the token has started to form distinctive price patterns, which could lead to a big spike. One indication is a certain candle pattern in XRP’s price chart, which suggests a significant upside potential. For example, a candle that formed in December showed an 830% spike, which could push the price of XRP to $18.
Egrag Crypto also shared a more surprising prediction, claiming that if this trend continues, XRP could reach a price of $150 by January 2025, provided market conditions remain favorable. With this analysis, XRP increasingly attracts the attention of investors and market analysts who believe in its future growth potential.