XRP, a cryptocurrency developed by Ripple Labs Inc., has rampaged prices over the past few weeks. According to CoinMarketCap data, the token increased by 27.72% from $1.8 to $2.3 weekly and 364% monthly. By November 2024, XRP was selling at $2.40 with a market capitalization of $136 billion. This development made XRP leap past Tether (USDT) and Solana (SOL), which were previously valued at $134 billion and $108 billion, respectively.
The trading volume of XRP also spiked 75%, with the coin trading at $26.41 billion in 24 hours. The surge came after the cryptocurrency surpassed Binance's BNB earlier in the month. Analysts partly believe this is due to Ripple disclosing its market expansion plan and enhanced investor confidence regardless of the unclear regulatory landscape.
This increasing interest in XRP has also precipitated several exchange-traded fund (ETF) applications. WisdomTree applied to launch an XRP-based ETF in Delaware on November 25th, and 21Shares proposed 21Shares Core XRP Trust in the first days of November. Bitwise also filed a similar application in October. These advancements have boosted the market's hope for investment products based on XRP.
Approval of a spot XRP ETF could impact the token even further. As pro-XRP attorney Jeremy Hogan stated, such an ETF may gain approval by mid-2025. Therefore, higher demand from institutional investors for XRP puts the asset in an important position where it is seen as an active member of the cryptocurrency space.
The price increase for XRP marks a notable comeback following its decline after the SEC filed a lawsuit against Ripple Labs in 2020. XRP was once ranked the second most popular cryptocurrency after Bitcoin. However, it came third after Ethereum in 2018. As a result of the actions of the SEC, the value of XRP started to decline, and it is currently ranked 7th. But the recent increase highlights a revival of market demand.
Open interest in the cryptocurrency rose by 28.67% to $4.21 billion, while overall futures' liquidation stood at $53 million and short liquidation at $38 million within the last 24 hours. A review of the price chart has revealed a typical breakout pattern by seasoned traders in the XRP market. Experts predict it will hit another record high, $4.3, by December.