Over the past 24 hours, the XRP cryptocurrency has risen more than 30%, breaking the $1 mark for the first time in three years. This breakthrough was the culmination of a rally that the asset had been demonstrating all week. During this period, XRP has risen by 108%.
XRP rate for the week
Thanks to its rapid growth, the asset's market capitalization reached $60 billion. This allowed XRP to overtake the Dogecoin (DOGE) memecoin and move from seventh place in the ranking by market capitalization to sixth.
Cryptocurrency experts, including Ripple CEO Brad Garlinghouse, attributed XRP's rise to the easing of regulatory pressure following the election of Donald Trump as US president.
According to the head of the XRP issuer Garlinghouse, Trump's crypto-friendly stance has eased tensions between American crypto companies and the US Securities and Exchange Commission, increasing investor confidence in the industry.
If the XRP bullish trend continues, the next level for the asset could be $1.3457. A breakout of this level would lead to further growth of the crypto asset to $1.87 and even $2. Some particularly optimistic analysts claim that the XRP rate could exceed $10 in the near future.
