Originally launched in 2012 by Chris Larsen and Jed McCaleb, XRP was initially tied to the Ripple payment network. Over time, it transitioned to the XRP Ledger (XRPL), a distributed ledger platform. As one of the oldest cryptocurrencies, XRP continues to play a pivotal role in the crypto space. This week, it consistently ranked as the third-most traded crypto asset, following tether (USDT) and bitcoin (BTC).
The XRP Ledger sets itself apart by using a unique consensus algorithm, the XRP Ledger Consensus Protocol. Unlike proof-of-work (PoW) or proof-of-stake (PoS) mechanisms, XRPL’s transactions are validated by a network of independent validators who reach consensus every three to five seconds—no mining required.
XRP RSI and Stochastic technicals via cryptoquant.com.
XRP’s recent rise can be attributed to three key factors: optimism surrounding potential legal outcomes with the incoming Trump administration, heightened institutional interest, and its entrance into a bullish market phase. These elements have propelled XRP’s value and market cap, securing its place as the third-largest cryptocurrency.
Currently, XRP’s market capitalization stands at $145 billion, down slightly after a 4.9% decrease on Tuesday afternoon. Its fully diluted valuation is $255.62 billion. Over the past 24 hours, XRP saw $45.61 billion in global trading volume, with South Korea’s Upbit exchange alone contributing $26.73 billion. XRP accounted for $7.61 billion of Upbit’s activity, making it the most-traded asset on the platform during that time.
Globally, the South Korean won ranks as XRP’s second-most traded pair after tether (USDT). The recent price movements have highlighted the speculative nature of its rally, driven by legal uncertainties and institutional interest. Currently, XRP represents 4.15% of the $3.51 trillion crypto market economy but remains 25% below its all-time high of $3.40 per coin, reached on Jan. 7, 2018. If you had purchased XRP at that peak seven years ago, you’d still be down by 25%.
Although XRP’s trading volumes and market cap indicate elevated activity, questions persist about its long-term stability. Are these gains backed by sustainable factors or merely short-term market sentiment? The heavy concentration of trading on South Korea’s Upbit highlights XRP’s reliance on regional market dynamics. This localized activity may suggest either strong interest in South Korea or speculative momentum, leaving the future of XRP’s market trajectory open to interpretation.
