Ripple (XRP) has seen significant developments recently. The current price of XRP is $2.42 USD, up 0.11 USD (4.76%) from its previous close, with an intraday high of $2.46 USD and a low of $2.29 USD.
The price increase was largely driven by the approval of Ripple’s stablecoin RLUSD by the New York State Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse announced that the listing and partnership for RLUSD will be launched soon, which is expected to strengthen Ripple’s digital payments platform and increase the value of XRP.
In addition, Donald Trump’s US presidential election victory has driven the value of XRP to surge, with the hope that the incoming administration will ease legal pressure on Ripple Labs. Trump has appointed pro-crypto Paul Atkins to replace current SEC Chairman Gary Gensler, which could lead to the dismissal of the case against Ripple.
However, the price of XRP has dropped 5% in the past 24 hours, to $2.22 USD. The decline may be due to profit-taking by traders after the recent significant rally. Despite this, investor interest in XRP remains high, with investments totaling $134 million during the month.
Analysts also note that the surge in open interest in XRP indicates its growing appeal and fundamental strength.
Overall, despite the short-term volatility, the long-term outlook for XRP remains positive, supported by favorable regulatory developments and potential changes in US government policy that could benefit Ripple and its ecosystem.
For more information, you can watch the following video:
