Last night, according to CoinGecko data, XRP reached $1.76, with a 24-hour increase of 20.3%. Its market capitalization has surpassed $100 billion, currently reaching $100,032,890,231, exceeding BNB to rank fifth in cryptocurrency market capitalization.#xrp新纪元
It can be said that Ripple has been on a roll recently, with its market capitalization surpassing BNB, entering the top five mainstream coins, preparing to challenge SOL. If you are not aware, traditional tech giant Intel and well-known automaker BYD have also been surpassed by XRP in market capitalization.#ripple
The mentality of favoring new over old needs to change; the dignity of established mainstream coins cannot be provoked!
Today, the price of XRP set a new all-time high for 2024, coming one step closer to its ATH. What drove this surge, and what are the price predictions for XRP in December 2024?
Why does XRP keep setting new highs this year?
As of now, the price of XRP has surpassed $1.8, setting a new annual high so far, resulting from multiple factors simultaneously at play, creating a bullish sentiment. Currently, the ongoing lawsuit involving Ripple, the potential of new products, and broader market factors have collectively contributed to its rise. Today, Wolf has organized the following for you:
1. XRP is nearing a major victory in the legal dispute with the SEC
For the past four years, this lawsuit has been a major obstacle to XRP's price. Recent developments also indicate that this situation may soon come to an end. With Trump's imminent ascension, this long-drawn-out case may now conclude sooner, as SEC Chairman Gary Gensler announced his resignation in January, and at the same time, XRP has reached a settlement with the SEC, which is a significant positive. XRP soared to $1.8 after touching a three-year high of $1.63 last week. Furthermore, Ripple is becoming more compliant and fully meets U.S. regulatory requirements.
2. The Application for XRP ETF is Underway
Speculation around XRP-focused ETFs is increasing, Bitwise has submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an ETF based on its index of 10 cryptocurrencies. This ETF will include Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, Chainlink, Bitcoin Cash, Polkadot, and Uniswap. Although XRP only makes up a small portion of the proposed ETF, as the SEC considers approving such products, XRP's market dynamics may further benefit.$XRP
Additionally, another Bloomberg analyst recently suggested that ETFs for SOL, XRP, etc., may not be approved until the end of next year, as they have not yet been supported by futures markets like CME, and the Ethereum ETF that can generate staking rewards is more likely to be approved first.
3. The Growing Market Influence of XRP
In terms of performance, XRP has outperformed major assets like Bitcoin, which only saw a 0.4% increase during the same period. XRP has achieved a 214.52% increase this month, marking the best performance since December 2017, attracting more institutional and investor attention.
4. Ripple's New Product Plans
Bitwise Asset Management has renamed its European XRP trading platform product to 'Bitwise Physical XRP ETP', and Ripple plans to invest in this product, citing the increased demand for XRP driven by its applications in cross-border remittances, institutional DeFi, and tokenization.
Bitwise Physical XRP ETP was previously known as the 'European version of XRP ETP' and is part of Bitwise's suite of crypto assets, which also offers spot Ethereum and Bitcoin ETFs in the U.S.
5. The Significant Increase in Quantity
Recently, XRP has been included in popular exchanges like Robinhood, which will allow more retail investors to access XRP, thus driving the price.
6. The Promotion of Morphological Structure
From a weekly perspective, XRP has surged for four consecutive days, directly tripling in value, with the coin price nearing the historical high of 2021, releasing most of the trapped positions. This move by the whales is clearly aimed at reaching new highs.
Analysts believe this time will reach a historical high
Currently, the $2 mark is within reach, and if favorable conditions persist, XRP may soon return to its previous highs.
Analysts believe that as an established public chain, Ripple is slightly inferior to Solana and Ethereum in terms of coin price and ecological development. Additionally, due to the long-standing litigation between the SEC and Ripple, it has been overlooked or not favored by the market at times.
However, with Trump winning the U.S. election and his open attitude towards cryptocurrency holdings, as well as SEC Chairman Gary Gensler announcing he will resign when Trump takes office in January, current investors believe that cryptocurrency companies previously in litigation with the SEC will be liberated after Trump takes office. Ripple’s RLUSD is expected to be approved on December 4th.
Cryptocurrency analyst Dark Defender predicts that the price of XRP is expected to reach $3.4176 and challenge its historical high of $3.84. This prediction is based on XRP successfully breaking through the key resistance level of $1.44 and successfully retesting $1.63.
