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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.