Trump's assumption of office is expected to relax regulations on the cryptocurrency industry. Among competing coins, Ripple (XRP) is viewed as the next candidate for a spot ETF, driving its price to surge significantly after Trump's victory, with a 297% increase in November alone, achieving the highest monthly return on investment (ROI) since December 2017, and closing at $2.7, marking a 7-year high, breaking through the peak of 2021.
Yesterday, XRP rose over 20% again. Analyst Jacob Canfield predicts that its price could double to $6.60, considering this a reasonable target. Meanwhile, another analyst, Tony Edward, set a range of $5 to $8. XRP's recent rise has attracted more new retail investors, further boosting XRP's market value, making it the third-largest cryptocurrency.
In on-chain activities, large and small investors accumulated $1.6 billion in XRP within three weeks, reaching a new high in holdings. Additionally, the number of wallet addresses holding XRP has surpassed 5.5 million for the first time, indicating a significant increase in market interest. Both spot and contract trading volumes for XRP have seen simultaneous growth, reflecting a surge in demand for XRP. Currently, market sentiment toward XRP is bullish, supported by both technical and fundamental factors, and the benefits of capital overflow have begun to emerge.
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"MICA Daily｜XRP Spot ETF Topic Fermentation, Analysts Optimistic" This article was first published on (Block).
