#ChartoftheDay Ripple's XRP has witnessed significant surges in the last month, with the price rising to over $2.7, reaching a five-year high, according to data from Coingecko. The current price level is also approaching its all-time high made in 2018, which was $3.4. As a result, the token has become the third-largest cryptocurrency by market capitalization, following only Bitcoin and Ethereum.
As one of the longest-existing crypto projects, Ripple launched XRP in 2013, even before Ethereum. Since 2020, the project has met with severe regulatory headwinds, grappling with a magnitude of investigations and lawsuits. Over the years, the project moved so slowly, and its token XRP performed so poorly that it gradually faded from people’s view.
The skyrocketing XRP took the market by surprise. Following Republican Donald Trump’s win in the U.S. presidential election, a crypto-friendly landscape begins to take shape, catalyzing quick recoveries across the crypto market. Amid this landscape, there are rumors and anticipations that the legal pressure on Ripple could let up under the new leadership.
The XRP price surge also comes as investors bet on the future of Ripple products. Media reports have it that Ripple’s long-awaited stablecoin RLUSD is poised for regulatory approval in New York as soon as Dec 4. Also, there’s speculation that an XRP exchange-traded fund will be coming.
