During the Trump driven market rally, XRP has been the top gainer, outperforming its peers on the cryptocurrency list, CNBC revealed, after Donald Trump was elected to the US presidency. Ripple token has jumped by an extraordinary 370%, far higher than Bitcoin’s 46% rise and on the broader market’s 93% growth since November.
After the SEC appealed a Ripple ruling, Ripple rose from $0.50 its price then to a December 3 high of $2.86, a remarkable rally. Ripple was able to surge to beat out Solana (SOL) and Tether (USDT) to temporarily become the third largest in terms of market capitalization.
XRP’s Meteoric Rise Fueled by Trump Election Speculation
Investors also believe that XRP’s meteoric climb is largely due to speculation surrounding Trump’s election win, and the hope that whatever decision is reached will permanently resolve the SEC’s legal battle with Ripple. A federal judge also threw XRP’s boat by ruling Ripple is not inherently a security, adding more confidence.
This has created favorable legal environment for Ripple and institutional firms like Bitwise, Canary Capital and Grayscale started to compete to release Ripple exchange traded funds (ETFs). SEC analysts expect an approval of such an ETF soon, and, if so, Ripple will be the third bitcoin rival to get an ETF in the US.
XRP has despite being a success been volatile. The altcoin corrected from $2.86 to $1.90 after it reached $2.86, by December 10. But the news Ripple’s RLUSD gets the approval from the New York Department of Financial Services (NYDFS) drove a quick rebound, as Ripple attempted to climb back to $2.40.
According to today’s data, XRP’s price stands at $2.41, down 0.97 percent over the past 24 hours. Binance ($884.13 million) lead activity, trailed by South Korea’s Upbit ($700.82 million), with trading volume up 5.4% to $6.78 billion.
XRP recently gave up the third market capitalization spot to USDT, but that doesn’t mean the competition is over; XRP’s resilience and strong institutional backing show that’s not likely the case. Ripple still remains a bull market after all, and still see opportunities in very minor dips.
