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XRP’s up 120% in the past week. It’s also seen a “stark uptick” in volatility, according to Kaiko analysts.
Realized volume is up over 100%, marking its newest high since July 2023 (in case you need a refresher, that’s when the court ruling about institutional sales was filed).
And here’s something interesting: XRP’s move over the weekend actually eclipsed bitcoin volumes.
“Seeing stronger volumes accompany a move higher in prices implies that the move has a broad base and is less likely to be just a fleeting change,” analysts wrote.
For Kaiko, these data sets suggest that tokens that had previously been in the SEC’s line of fire could see some reprieve — and a potential jump — as the SEC enters into a new era. One in which the market feels pretty comfortable betting that the agency won’t take as much offense to crypto’s existence, though we don’t know who will be handpicked by President-elect Donald Trump to lead the new regime.
My colleague, Fox’s Eleanor Terrett, thinks there’s a possibility that we could have a name as soon as today.
Dragonfly’s Haseeb Qureshi, on the Empire podcast this morning, had an interesting read-through about the interest in XRP and how that translates into this broader cycle — because, surprise, I always like to find an excuse to zoom out. Basically, he thinks this is a sign that folks aren’t just here for the memes.
“Most people don’t want to do this nihilistic thing of ‘I’m just betting that this thing is going to go up and down’ because they don’t actually think they’re gambling. They think that they are investing in the future,” Qureshi said.
Don’t get me wrong, David and I know there’s an appetite for the memes, but I think Qureshi’s point is a salient one: Those who are new in crypto or who have been in crypto have heard talking heads, analysts, even Trump, say that there’s valuable technology in this space and that’s why they’re here. Memes just happen to make it fun…for those who want to partake.
I’m with Qureshi here, and WisdomTree’s Jason Guthrie (which, funny enough, filed for an XRP ETF just yesterday).
Let the memes pump but don’t let them overshadow the fact that more concrete interest is on the rise — and change is on the horizon.