XRP, Ripple's native cryptocurrency, has surged dramatically above $0.7, marking its highest price point since March 2024. The digital asset recorded an impressive 15% gain in just 24 hours, emerging as one of the top performers among major cryptocurrencies.
The rally pushed XRP's market capitalization to $40 billion, coinciding with Bitcoin's new all-time high of $90,243. Market analysts are increasingly optimistic about XRP's trajectory, with some predicting prices could reach $2 before the end of 2024.
Technical analyst Dark Defender had previously identified $0.66 as a key threshold, suggesting that once XRP crossed this level, "tremendous moves" would follow. This prediction appears to be playing out as the price continues its upward momentum.
The recent price surge comes amid speculation about potential regulatory shifts in the cryptocurrency landscape. Reports suggest that Ripple's leadership may have engaged with Donald Trump's team regarding cryptocurrency regulations, though these meetings remain unconfirmed.
Industry observers note that Trump's administration is reportedly considering a more favorable stance toward digital assets, with plans to position the United States as a global cryptocurrency hub. The transition team is allegedly evaluating crypto-friendly candidates for key regulatory positions at the SEC, CFTC, and FDIC.
Brad Garlinghouse, Ripple's CEO, has confirmed contact with Trump's transition team, expressing confidence in the incoming administration's focus on the cryptocurrency sector. This development follows years of regulatory challenges for Ripple, including high-profile legal battles with current regulatory bodies.
The combination of technical breakouts and potential regulatory tailwinds has created renewed optimism in the XRP market. As the cryptocurrency continues its upward trajectory, investors and traders are closely monitoring these developments for further price movements.