The cryptocurrency market experienced a slight dip of approximately $30 billion over the past 24 hours, with most digital assets trading sideways. However, XRP bucked the trend, rising over 1% to solidify its position as the third-largest cryptocurrency.
According to CCData, XRP is currently trading at $2.422, marking a significant increase from its price of around $2.112 a week ago. This surge follows a remarkable price rally that began in early November.
The recent price surge is attributed in part to the election victory of the Republican candidate, who campaigned on a pro-crypto platform, promising to support the industry. This victory has fueled speculation about policy shifts, including the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as head of the SEC.
The crypto market is anticipating that these policy changes will create a more favorable environment for cryptocurrencies. This optimism has led to speculation about the imminent launch of a spot XRP ETF, a development that Ripple CEO Brad Garlinghouse has described as “inevitable.” Several companies, including Bitwise, Canary Capital, WisdomTree, and 21Shares, have already filed applications for spot XRP ETFs.
January 2025, Cryptoniteuae
