Ripple’s XRP is one of the types of cryptocurrencies that exists on a decentralised network using blockchain technology. It is designed to enable fast, low-cost cross-border transactions.
Ripple (XRP) was launched in 2012 by Ripple Labs, co-founded by Chris Larsen and Jed McCaleb. It was created to facilitate the transfer of money between different countries without the need of the traditional banking system.
XRP operates on a unique consensus algorithm that offers scalability and speed. Recently, it has gained popularity among crypto enthusiasts looking at its price growth.
Ripple’s XRP: Price Rise in 2024 and Reasons
Ripple (XRP) price has surged exponentially and is trading at $2.48 on December 9, more than 400% jump within a month. Ripple’s XRP has overtaken Solana (SOL) and Tether USDT and has become the third-largest cryptocurrency by market capitalisation, which now sits at $138 billion.
On December 2, the large-cap altcoin climbed up over 30% in 24 hours with its price hitting $2.5 mark. It is important to understand the reasons behind the XRP’s price going up drastically.
Donald Trump’s Victory
With Donald Trump winning the U.S. 2024 Presidential elections, a boom in the crypto world has been observed. The prices of various cryptocurrencies have climbed to all-time high such as Bitcoin, which hit $100,000 mark, and other altcoins gaining attention among investors with an increase of more than 100%. As the Trump administration has a pro-crypto stance, it has impacted the price of Ripple’s XRP.
U.S. SEC and CFTC
The U.S. Securities and Exchange Commission (SEC) was one of the biggest hurdles in the growth of Ripple XRP and other cryptocurrencies. However, after Trump’s victory, things have changed. The announcement of Gary Gensler’s resignation as SEC chair person in January has strengthened XRP’s price.
Lately, Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission (CFTC) and affectionately known as “Crypto Dad” has also given a hint that the SEC may drop its case against Ripple’s XRP.
Relisting
XRP’s price rise is also attributed to growing interest in crypto retail investors and its recent relisting on Robinhood, a trading platform. XRP’s momentum has been boosted by increased activity on South Korean exchanges like Upbit and Bithumb, where XRP trading has even surpassed Bitcoin. This renewed investors’ enthusiasm in Ripple (XRP).
CEO Meeting with Donald Trump
Ripple CEO Brad Garlinghouse’s recent meeting with Trump sparked optimism among XRP investors and hence, the prices increased. This meeting can be seen as a step towards crypto and Ripple’s XRP acceptance.
Crypto Whales Accumulation and Rising Open Interest
The increase in XRP’s price is also due to significant accumulation by crypto whales. Large crypto holders have been moving massive amounts in XRP, which fuelled more than 400% price rally since November 1. This increased whale activity has driven confidence in the market, pushing XRP to price levels not seen since 2018 and making it one of the biggest crypto gainers.
Stablecoin RLUSD
Ripple’s highly anticipated stablecoin, RLUSD, is set to launch by the end of the year on receiving regulatory approval from the New York Department of Financial Services (NYDFS).
RLUSD is positioned as a secure dollar-pegged token that aims to transform stablecoin usage in cross-border payments, tokenisation, and decentralised finance (DeFi). RLUSD offers Ripple a way to tap into the stablecoin market, which is currently valued at nearly $200 billion.
A positive impact is expectation on the price of XRP over its integration with RLUSD. This integration in its payment solutions can enhance liquidity and solidify its presence in the crypto and financial sectors.
Ripple ETF
XRP’s exchange-traded funds (ETFs) could mark a major milestone for the company, with filings already submitted by firms like Bitwise and WisdomTree. Garlinghouse views XRP ETF as “inevitable,” and analysts believe that the approval can raise XRP prices. The Trump’s administration is considering a significant shift in crypto regulations. With this shift, the likelihood of more crypto ETFs, including XRP, seems promising.
Ripple XRP: Price Prediction in 2025
Ripple XRP’s recent breakout from a long-term triangle pattern highlights its growing bullish momentum and a positive shift in market sentiments. Having hit multi-year highs, XRP shows strong potential for continued growth despite possible short-term dips from overbought relative strength index (RSI) levels.
By 2025, experts predict its price could climb between $5 and $10, because of increased adoption, utility in cross-border payments, strong market sentiments and clear regulatory frameworks.
Currently, Ripple (XRP) is now positioned as the third largest crypto asset in the crypto market after Bitcoin and Ethereum.
