XRP started the year drawing attention in the cryptocurrency market for its remarkable development. While the sector’s market capitalization saw a robust increase, surpassing the $160 billion mark in just 24 hours, XRP, the native token of Ripple, shone brightly, registering a more than 13% increase in the same period. The surge of XRP in the last day placed the asset in the top 3 largest cryptocurrencies in the market, trailing only behind Bitcoin and Ethereum.
This upward trajectory did not come out of nowhere. XRP had been showing strength since the beginning of the year, with a value around $2.08, and continued its climb to reach the price range above $2.40. This momentum resulted in a significant increase in XRP’s market capitalization, raising it to an impressive $138 billion.
With this move, XRP now holds the coveted third place among the largest digital assets by market capitalization, surpassing the Tether stablecoin (USDT), which holds a market value of $137.38 billion.
XRP saw a 13% price increase today and led the growth among major cryptocurrencies, driven by a remarkable growth in its trading volume. XRP’s trading volume is $11,708,062,986 in the last 24 hours, representing an increase of 198.10%.
But what lies behind this appreciation of XRP? Analysts point to a combination of factors, including expectations of a regulatory environment in the U.S. that is more favorable to cryptocurrencies under the administration of President-elect Donald Trump. Additionally, some anticipated policy changes, such as the inclusion of a strategic Bitcoin reserve in the country and the appointment of Paul Atkins to head the Securities and Exchange Commission (SEC), have resulted in increased confidence among cryptocurrency investors and enthusiasts.
At the time of publication, XRP was priced at $2.41, up 13% in the last 24 hours.
XRP Leads South Korea’s $1B Trading
The XRP token achieved an impressive milestone in the South Korean cryptocurrency market, surpassing Bitcoin (BTC) and Ethereum (ETH) in trading volume on major local exchanges. In a single day, XRP trading volume exceeded the $1 billion mark, consolidating its position as the most traded cryptocurrency in the country.
On the Upbit exchange, the largest in the South Korean market, XRP trading volume reached $716.79 million, accounting for 13.67% of the platform’s total volume of $5.23 billion. Meanwhile, Bitcoin recorded $400.43 million, and Ethereum only captured 2.51% of the total volume, showcasing the broad preference of traders for XRP.