XRP Skyrockets 370%, Crushing Bitcoins 46% Gain
- XRP soared 370% since Trumps election victory, surpassing Bitcoins 46% and the markets 93%.
- Institutional interest grows, with ETF applications from major firms like Grayscale and Bitwise pending SEC approval.
- Trading volume surged 5.4%, with Binance and Upbit leading XRPs $6.78 billion daily turnover.
XRP has taken the spotlight in the crypto world, outshining its peers during the Trump-led market rally. CNBC recently hailed Ripple token as the biggest winner in the wake of Donald Trumps election victory. The asset surged an astonishing 370% since November, far surpassing Bitcoins 46% gain and the broader markets 93% rise.
Before the rally, XRP traded around $0.50, a low point after the SEC appealed the Ripple ruling. However, the election acted as a catalyst. By December 3, Ripple altcoin soared to a remarkable $2.86, marking a meteoric rise. At its peak, Ripple dethroned Solana (SOL) and Tether (USDT) to claim the third spot in market capitalization.
Driving Factors Behind XRPs Rally
Speculation surrounding Trumps victory played a crucial role in Ripples price surge. Investors bet on the election resolving Ripples legal woes with the SEC. A federal judges ruling that the altcoin isnt inherently a security further boosted confidence.
This favorable legal climate ignited institutional interest. Major players like Bitwise, Canary Capital, and Grayscale are now competing to launch XRP ETFs. Analysts believe the SEC may approve one soon, potentially making the altcoin the third cryptocurrency to gain ETF approval in the U.S.
Despite its success, The altcoins journey hasnt been without hurdles. After testing $2.86, it faced a correction, dropping to $1.9 on December 10. Yet, the announcement of NYDFS approval for Ripples RLUSD stablecoin fueled a swift rebound to $2.4.
As of now, XRP trades at $2.41, slightly down by 0.97% in the last 24 hours. Over the past day, its trading volume grew by 5.4%, reaching $6.78 billion. Binance led the trading activity with $884.13 million in volume, followed by South Koreas Upbit at $700.82 million.
While XRP recently lost its third spot to USDT, the competition remains fierce. Bulls view the assets minor dips as buying opportunities, reflecting strong confidence in its potential.
Read more: https://www.tronweekly.com/xrp-skyrockets-370-crushing-bitcoins-46-gain/
Text source: TronWeekly
