Ripple’s native cryptocurrency, XRP, has reached a significant milestone, crossing the $3.25 mark for the first time since 2018. This remarkable price surge, currently trading at $3.15, represents a 15.56% gain in the last 24 hours and an impressive 36% rise over the past week.
The global market cap for XRP now stands at a robust $181.12 billion, reflecting a growing wave of optimism among investors and the broader crypto community.
Factors Fueling XRP’s Bullish Trajectory
One main contributing factor is the reported possibility of an America-first strategic reserve prioritizing U.S.-founded digital assets like Ripple, Solana, and USD Coin.
As outlined in the New York Post, this policy speculation has fueled optimism for pro-crypto regulatory frameworks under the new administration.
The ongoing rally is supported by multiple factors, with strong spot investor momentum being one of the driving forces.
Social media hype and increased interest from the XRP “army” of loyal holders have further bolstered confidence.
Additionally, positive market sentiment following Ripple’s partial legal victory over the U.S. SEC has played a pivotal role in boosting investor enthusiasm.
This legal win has solidified the belief that Ripple’s battle with regulatory authorities could be nearing a favourable resolution, creating a ripple effect across the market.
Adding to the excitement is the recent approval of Ripple’s stablecoin, RLUSD, which has garnered significant attention.
As one of the most talked-about developments in the cryptocurrency sector, RLUSD is expected to enhance Ripple’s ecosystem and contribute to the growing utility of XRP.
Google Trends Domination and Community Engagement
In an intriguing development, XRP has overtaken Bitcoin in global search volumes on Google Trends for the third time this year, showcasing its rising popularity.
Also Read: Tron (TRX) Surges Over 80% As Justin Sun Calls It The “Next XRP,” Market Cap Surpasses $30 Billion
This spike in interest has coincided with increased activity among XRP holders, underscoring the power of social media and grassroots movements in driving cryptocurrency rallies.
Ripple’s CTO, David Schwartz, recently addressed a historical point of contention regarding XRP’s ATH. Engaging with an XRP enthusiast, Schwartz clarified that the $3.84 ATH reported in January 2018 may have been exaggerated due to misleading Korean exchange rates.
Strong Technical and Social Backing
XRP’s upward trajectory has been supported by robust demand from spot traders. According to order flow analyst Dom, the rally to $3 has shown minimal fluctuations in funding rates and solid spot buy premiums.
Dom’s observation that such behaviour would typically indicate further upward momentum for Bitcoin has led many to speculate that XRP’s bullish run may not be over yet.
The XRP community continues to play a crucial role in sustaining the rally. Known for their unwavering support and “hodling” mentality, these dedicated investors have contributed to ongoing buying pressure, further propelling XRP’s growth.
A Promising Future
With its price breaking past the $3 threshold, XRP’s recent surge highlights its potential to reclaim its former glory. As regulatory clarity and institutional interest in the cryptocurrency market continue to grow, XRP’s position as a leading altcoin appears stronger than ever.
The road ahead looks promising for Ripple and XRP as they lead the charge in reshaping the digital asset landscape. With increased adoption, regulatory progress, and strong community backing, XRP may well be on its way to achieving new heights.