According to Cointelegraph, XRP experienced a historic rise in November 2024 due to political benefits and new developments in the ecosystem. Axelar co-founder Georgios Vlachos said that the RLUSD stablecoin will drive demand for XRP in 2025.
Vlachos pointed out that many people use stablecoins for transactions and storage, and RLUSD transactions and remittances will be settled primarily on the XRP Ledger and XRP-EVM sidechains, increasing demand for XRP.
XRP reached a seven-year high of around $2.90 on December 3, 2024, but retreated as the RSI reached 95. Despite this, multiple factors continue to attract investors’ attention to XRP.
After Trump was elected president on Nov. 5, XRP and other cryptocurrencies rallied on his pro-crypto rhetoric and expectations of a friendly regulatory environment.
On November 25, WisdomTree applied for an XRP ETF, joining Bitwise, Canary Capital, and 21Shares.
XRP surpassed Solana on December 1 to become the fourth-largest cryptocurrency by market cap, with a current market cap of approximately $138 billion.
The New York Department of Financial Services approved Ripple’s RLUSD stablecoin on Dec. 10, which will be overcollateralized by fiat cash reserves and short-term cash equivalents and redeemable 1:1 for U.S. dollars.
