The digital asset XRP closed out 2024 on a high note, surpassing $2 for the first time in years after spending most of the year below $0.72 each. Since the beginning of January, XRP has risen over 236% against the US dollar.

From $0.63 to $2.12: The exciting journey of XRP through the cryptocurrency boom of 2024

Throughout the past 12 months, the cryptocurrency economy has expanded significantly, and XRP's price surge has become one of the standout stories of the year. In the first week of 2024, XRP was trading at $0.63, an astonishing 81% lower than its peak of $3.40 in January 2018. In the first ten months of the year, XRP barely changed, with a high of $0.72 on March 10.

Fast forward to November, and the story has changed significantly. By the second week after Donald Trump was elected the 47th president of the United States, XRP had soared to $2.72 on December 1. As the calendar turns to 2025, XRP is now trading between $2.12 and $2.14, up 5.5% in the past day. Despite the increase in Q4 2024, XRP is still down 37.3% from its all-time high in 2018.

Now, here’s where the math gets incredible: If someone bought XRP on May 22, 2014, at a price of $0.002686, their investment at today's price of $2.12 would surge by 79,207%. XRP has also increased its market ranking in 2024, moving from sixth place at the beginning of the year with a market capitalization of $34.11 billion to fourth place at the end of the year, boasting a valuation of $121 billion.

The rise of XRP may be due to several factors, including the launch of the stablecoin, RLUSD. With 72.26 million RLUSD tokens in circulation, it has climbed into the top 30 stablecoins by market capitalization. Trump's election also provided an unexpected boost to the value of XRP, even though Ripple executives donated millions of dollars to Kamala Harris's campaign.

Cryptocurrency enthusiasts predict that regulatory changes under the Trump administration will support innovation and loosen restrictions on businesses. Many believe that XRP will benefit from this situation, with former Securities and Exchange Commission Chairman Gary Gensler making way for Trump's appointee, Paul Atkins.

In South Korea, XRP remains the most popular cryptocurrency, leading in trading volume on Upbit and Bithumb. Over the past two days, 25% of total XRP transactions were made with the Korean won, further highlighting the strong position of this cryptocurrency in the region. The strong increase of XRP in 2024 signals potential for continuous growth, especially as it operates in a changing legal landscape.

As this digital asset continues to grow in the global market, new stablecoins and changing political situations could drive even further advancements, particularly in regions like South Korea, where XRP maintains high trading volumes.

On the other hand, while XRP's growth trajectory shows promise, it remains to be seen if this token can maintain its upward momentum. Despite recent gains, the unpredictability of the cryptocurrency market and potential legal barriers could hinder further progress. As of December 1, the price of XRP has declined. The future of this token depends on its ability to directly address these challenges and whether its recent surge can become sustainable growth.

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