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- XRP surged by 370 percent after Trump’s election win, outperforming Bitcoin and the broader crypto market.
- Institutional interest in XRP grew due to speculation about regulatory clarity, with multiple firms seeking to launch XRP ETFs while trading volume remained strong across major exchanges.
CNBC has highlighted XRP as the standout performer in the cryptocurrency market, attributing its impressive gains to the former President Trump’s victory. This digital asset increased by 370% since the election, effectively surpassing Bitcoin, up 46%, and the average increase was 93% for the rest of the crypto market.
XRP’s Performance Boosted by Market Confidence
Prior to the US elections, the digital asset was hovering around $0.50, though it had dipped to this mark following the event when the SEC pursued a court decision that was initially in favor of Ripple.
Nevertheless, the token’s value revamped to $2.86 on December 3rd after Trump’s victory, which simply shows the volatility of the digital currency market. This rally saw XRP jump in market capitalization ranking to overtake Solana (SOL) and Tether (USDT), though it has since retreated to fourth position.
Expectations that Trump’s victory might lead to the dismissal of the ongoing SEC lawsuit against Ripple also contributed to the rally. As reported earlier on Crypto News Flash, understanding of XRP’s legal position improved after a federal judge ruled that the token is not a security.
The ruling increased institutional interest, and several top fund managers, such as AVA Labs, Bitwise, and Grayscale Investments, sought permission to list XRP ETFs. Analysts are hopeful that the SEC will approve at least one of the applications to put XRP in a better standing among other mainstream digital currencies.
Recent Volatility and Trading Trends
While it has grown in general, the value of XRP has dropped in recent times; it was trading at $1.90 on December 10. The drop was quite short-lived, however, as investors moved in quickly to take advantage of the situation and pushed the price back up to $2.40, given that Ripple had received the green light from the NYDFS for the issuance of the RLUSD stablecoin.
At the time of writing this article, XRP was at $2.41 and had fallen by 0.97% in the last 24 hours and 3.10% in the last week. However, trading volume has proven to be quite robust, having risen by 5.4 % in the last day to $6.78 billion.
Binance remains the dominant platform for XRP trading, accounting for $884.13 million in volume. Right behind it is South Korea’s Upbit, providing $700.82 million. Similarly, Coinbase and KuCoin also had significant turnovers amounting to $407.86 million and $249.68 million respectively.
Based on the XRP surge and increasing institutional demand, XRP has become one of the key coins that has been stirring up the crypto space. Current events such as potential ETF approvals and the Regulation by Ripple play a role in its determination. And while market participants weave themselves through these, XRP continues to occupy a strategic position within the unfolding landscape of cryptocurrencies.
