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XRP rose to $2.84, its highest price in six years, making it the third most valuable cryptocurrency in the world.
While it is still below its all-time high of $3.30 set in 2018, experts believe that XRP could surpass that record. Arthur Azizov, CEO of crypto exchange B2BinPay, listed several factors that led to XRP’s dramatic rise.
Donald Trump’s victory in the US presidential election on November 5 has reignited bullish sentiment in the crypto market. Investors are betting that Trump will deliver on his pro-crypto promises, sending the market’s value up 42% to $3.5 trillion. Ripple CEO Brad Garlinghouse said Trump will “make crypto great again.”
Since Trump's win, XRP has surged fivefold, outpacing gains by Bitcoin, Ethereum, and Solana.
XRP’s recent price surge coincides with a surge in trading following Robinhood’s decision to relist the coin last month. The platform delisted XRP in 2020 amid regulatory scrutiny from the SEC, which accused Ripple of selling unregistered securities.
Analysts say whale activity on Coinbase is also driving XRP’s rally. CryptoQuant CEO Ki Young Ju noted that XRP trading on Coinbase represents a price premium compared to retail-focused platforms like Upbit. Meanwhile, South Korean retail investors are largely contributing to the rally, with XRP trading volumes on exchanges like Upbit and Bithumb surpassing Bitcoin.
SEC Chairman Gary Gensler’s resignation, scheduled for Jan. 20, is seen as a positive sign for Ripple. Gensler’s tenure has been marked by a hostile stance toward cryptocurrencies, including Ripple’s long-running legal battle with the SEC.
Azizov suggested that Gensler’s departure could pave the way for Ripple to resolve its regulatory issues and unlock further growth for XRP.
While Bitcoin’s dominance in the crypto market has fallen from 60% to 53% in the past week, altcoins like XRP are benefiting from this shift. Historically, a decline in Bitcoin dominance alongside market expansion could signal the start of an “alt season,” where altcoins receive greater attention.
Following the success of spot Bitcoin and Ethereum ETFs this year, XRP could be next. Companies like Bitwise, 21Shares, and WisdomTree have filed XRP ETF applications with the SEC. Ripple CEO Garlinghouse has called an XRP ETF “inevitable,” and analysts suggest that approval could significantly boost the price of XRP.
With Trump taking office and potentially appointing a pro-crypto SEC chairman, market experts believe the regulatory path for XRP ETFs could become smoother.
*This is not investment advice.