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Leading legacy media outlet CNBC claims XRP was the biggest winner of the recent Donald Trump-led crypto rally.
XRP has performed exceptionally well since the U.S. election, with its price soaring close to $3 earlier this month.
XRP Outperforms the Broader Crypto Market
In XRP news today, CNBC has closely followed XRP’s incredible performance, labeling the asset as the biggest winner of the Trump-led crypto rally. According to its recent analysis, CNBC claimed XRP has surged by 370% since Trump emerged victorious in the election.
XRP is the biggest winner of the Trump trade but investors are split on how far its rally can run https://t.co/6c6xshZB2D
— CNBC (@CNBC) December 14, 2024
However, Bitcoin has only soared 46% in the same timeframe, while the broader crypto market has witnessed double-digit gains of 93%.
Prior to the election, XRP hovered around the $0.5 mark in early November. It dropped to this level after the U.S. SEC appealed the Ripple ruling. Interestingly, the price skyrocketed tremendously days after Trump won the election, soaring to $2.86 on December 3.
Amid its rally, XRP surpassed Solana (SOL) and Tether (USDT) to become the third-largest cryptocurrency by market cap. However, it recently lost this position to USDT following a heated head-to-head contest.
Factors Driving XRP Price
Notably, XRP’s rally was fueled by several factors, mainly speculation that Trump’s victory could end the Ripple lawsuit. The lawsuit removed some regulatory uncertainty surrounding XRP.
In particular, a federal judge declared that XRP is not a security in itself. This ruling, accompanied by Trump’s reelection, bolstered institutional interest in XRP, with top asset managers seeking to launch investment products like XRP ETFs.
At the moment, Bitwise, Canary Capital, WisdomTree, 21Shares, and Grayscale Investments are in the race to launch ETFs linked to XRP.
Interestingly, speculation suggests that the U.S. SEC will approve at least one of these applications, potentially making XRP the third cryptocurrency to secure an ETF in the United States.
Meanwhile, XRP recently tested investors’ confidence after it plunged below $2 to around $1.9 on December 10. Bulls saw the massive decline as an opportunity to increase their holdings. The dip was short-lived as XRP soared to $2.4 immediately after Ripple CEO Brad Garlinghouse announced the NYDFS’ approval of RLUSD stablecoin.
XRP Volume Soars 5.4%
Currently, XRP is trading at $2.41, down 0.97% over the past 24 hours and 3.10% in the past week. Conversely, the token’s volume has increased slightly by 5.4% in the past day to $6.78 billion.
Most of XRP’s trading in the past day occurred on Binance, with the exchange accounting for $884.13 million of the total volume.
South Korea’s largest crypto exchange, Upbit, ranked in the second position, boasting $700.82 million in XRP volume. Coinbase and KuCoin followed suit, with XRP volumes of $407.86 million and $249.68 million, respectively.