XRP had an outstanding day on Thanksgiving, November 28, 2024, surging 9.4% to $1.60. The rally made XRP the best performing cryptocurrency in the top 10 by market cap, far outperforming competitors like Bitcoin and Ethereum. Thanksgiving is typically a quiet day for trading due to the US holiday, with activity for most cryptocurrencies muted, but XRP bucked the trend with strong trading volume of $8.983 billion. Over the past month, XRP has surged a staggering 206%, solidifying its position as one of the cryptocurrency market's standout performers.
Total cryptocurrency market capitalization fell 1.3% to $3.474 trillion over the past day, with $194.357 billion in market-wide daily volume. Bitcoin’s dominance is 54.5%, with Ethereum at 12.3%. Despite such broad market dynamics, XRP has emerged as the clear leader, demonstrating strong investor demand and newfound confidence. While Bitcoin was up just 0.3% on Thanksgiving, Ethereum fell 1.3%, Solana gained just 0.1%, and Binance Coin edged up 3.2%. XRP’s 9.4% gain stands in stark contrast to its competitors, suggesting unique growth factors are at play.
XRP’s stellar performance this month can be traced back to multiple catalysts. First, Donald Trump’s recent victory in the 2024 U.S. presidential election has bolstered expectations for a crypto-friendly government. Investors are also eagerly anticipating the departure of U.S. Securities and Exchange Commission Chairman Gary Gensler on January 20, 2025, which could lead to a more favorable regulatory environment for cryptocurrencies.
XRP’s one-month price chart highlights its massive growth in November, with the coin breaking through key resistance levels and maintaining a strong uptrend. The rally began in the middle of the month when the price broke through $1.00, quickly accelerating past $1.50 as trading volumes increased. The Thanksgiving surge brought XRP closer to testing the psychological resistance level of $1.65, a potential breakout that could pave the way for a move towards $2.00 in the near term.
Despite XRP’s recent gains, it is still 52.3% below its all-time high of $3.40 set in January 2018. The token has recovered significantly from its all-time low of $0.002686 set in May 2014, reflecting its long-term volatile price action. Year-to-date, XRP is up 159.51% and up 213% on the month, with recent performance highlighting its ability to attract significant investor interest.
