馃敟馃敟馃敟 $XRP Surges to $79B Cap, Hits 3-Year High Amid ETF Launch-Driven Rally
XRP, the sixth-largest cryptocurrency by market capitalization, has surged 26.47% in the past 24 hours, reaching a market cap of $79.70 billion鈥攊ts highest level since the 2021 bull run. The potential launch of spot XRP exchange-traded funds (ETFs) in the US could fuel further gains for the cryptocurrency.
According to CoinMarketCap data, XRP has gained 74.02% in the past week and 163.43% in the last 30 days. Currently priced at $1.40, XRP is still 63.49% below its all-time high of $3.84, achieved in January 2018. However, since November 2023, it has risen by 135.64%.
XRP recently hit a three-year high of $1.43, signaling a strong recovery after three years of sluggish performance. Trading volume surged by 142.43%, reaching $16.15 billion in the past 24 hours, as investors reacted to comments from Ripple CEO Brad Garlinghouse.
In a recent interview, Garlinghouse pointed out that XRP was once the second-largest cryptocurrency by market cap before the SEC's involvement in the US crypto space, and he believes it's time to regain lost ground.
XRP Price Outlook and ETF Developments
- Bitwise, a digital asset management firm, is planning to launch a spot XRP ETF under the pro-crypto leadership of president-elect Donald Trump. Additionally, #WisdomTree has introduced a new cryptocurrency exchange-traded product (ETP), which is 100% backed by XRP, listed on Deutsche B枚rse Xetra, SIX Swiss Exchange, and Euronext exchanges in Paris and Amsterdam.
- XRP鈥檚 Relative Strength Index (RSI) currently stands at 89.19, indicating that bulls are firmly in control of the price action. While XRP is in overbought territory, the upward momentum suggests that higher prices could be on the horizon, both in the short and long term.
