Ripple's XRP token has surged nearly 15% in the past 24 hours, reaching an intraday high of $2.44, its highest level since mid-December. This strong performance comes as payment-focused cryptocurrencies lead the charge into the new year.
XRP had previously reached a seven-year high of over $2.90 in early December before retreating towards $2 by the end of the month. CEO Brad Garlinghouse attributed the recent surge to "increased focus on real-world utility."
"January 20 is around the corner..."
Interestingly, a community member noted that Ripple released its monthly 500 million XRP from escrow with a memo stating "January 20 is around the corner," hinting at potential developments related to the new Trump administration. While unsubstantiated, rumors of Ripple's collaboration with the administration have circulated.
Altcoin Rally Gains Momentum
Stellar Lumens (XLM), often mirroring XRP's momentum, has surged 28% today, reaching $0.456. Cardano (ADA) has also seen significant gains, climbing 10% to $0.95. Other notable performers include Avalanche (AVAX), Chainlink (LINK), and Hedera (HBAR).
Bitcoin Consolidates
Bitcoin has seen a modest 1.3% increase, trading above $95,000. After falling below $100,000 in mid-December, Bitcoin has entered a period of consolidation. BTC dominance has declined from a multi-year high of nearly 62% in late November to 57.44% currently.
Analysts anticipate a potential altcoin rally in the first quarter of 2025, potentially at the expense of Bitcoin's dominance.
January 2025, Cryptoniteuae