By Key Points
- The XRP market becomes huge crossing the mark of $100 billion after 2018 for the first time.
- XRP price increases by 18% up to $1.8 and YTD returns are at 193%.
- Political changes and events regarding the SEC ignite investor enthusiasm.
- Analysts expect volatility even with the current bullish trend.
The XRP market cap has grown exponentially, marking its highest value since January 2018 for $100 billion.
This achievement reaffirms XRP’s position among the top cryptocurrencies as it recorded total price gains of 18% in the last 24 hours which puts it at 193% year to date.
The increase in XRP Market Cap, arguably the most watched metric, shows confidence returning to the crypto market depressed by unfriendly political regimes and regulatory transitions.
XRP Market Cap Enhanced by Political Changes
A Cryptocurrency-Friendly Donald Trump Increases Confidence:
Donald Trump’s election as a blockchain active supporter of cryptocurrencies and blockchain technology has encouraged investors’ sentiments. The market as a whole has surged in anticipation of a crypto-polite administration, raising the XRP Market Cap to all-time highs
SEC Chair Resignation Brings Hope:
XRP’s performance also picked up the pace after the SEC Chair Gary Gensler suddenly hinted on his position resignation, whereby prices spiked following the official announcement.
Many people see Gensler’s departure as an important victory for Ripple, who has been embroiled in legal tussle with the SEC. Experts predict that the case surrounding Ripple can be resolved or abandoned, and this will positively affect the XRP Market Cap.
Ripple’s Expanding Ecosystem Fuels Growth
Ripple’s put-and-take strategies and constant advancement have been instrumental in increasing the XRP Market Cap. Some of the developments are as follows:
- Launch of RLUSD Stablecoin: It is important to note that Ripple is currently waiting for special authority in order to gain a foothold with the RLUSD stablecoin. It may positively affect the use of XRP.
- XRP ETFs Attract Institutional Investors: Large institutional investors have filed with the SEC for funds that will be trading in XRP, under the management of Bitwise and Canary Capital. This demonstrates an increased confidence in institutional investors.
Such advancements not only uplift XRP Market Cap but also add to the strength of XRP in the blockchain industry, particularly Ripple.
🚨 $XRP is experiencing a Leverage-Driven Pump!
Open Interest is up 37% already—watch for volatility. The last similar event led to a -17% drawdown.
Stay sharp, manage risk accordingly.#XRP #Crypto #Ripple #Onchain #Futures pic.twitter.com/Femb2xQKDH
— Maartunn (@JA_Maartun) November 29, 2024
XRP’s Capitalization Could Experience Some Volatility
Aside from ZH with 145 news articles, Siacoin and KuCoin have established themselves as the top news identifiers in the alerta.corpexchange.com network with no other competitors.
Another analyst from CryptoQuant has informed my followers that the recent increase is impulsively due to leverages being used in trading.
Overbought Conditions
The current 89 reading in XRP’s Relative Strength Index (RSI) means that the asset is currently overbought, Shoulder RSI levels above 70 however one has to keep in mind that strong bullish trends do not seem to permit such a condition to last long.
According to the above observations, it is essential that investors in XRP maintain a close watch on XRP Market Cap and also implement the risk management measures accordingly In order to survive the volatility that could arise.
Source: TradingView
The resurgence of the XRP Market Cap from $87.13 Billion to $100 Billion overnights the token’s remarkable performance in 2023.
Nonetheless, there could be a period of short dips in the values, Ripple has shown continuous innovation thereby positioning itself in the changing regulatory dynamics which again bodes well for XRP and its investors.
