XRP 7-Year High, Market Valuation Smash $155 billion
XRP maintained its upward trajectory into Monday, reaching $2.7, the highest price since January 2018.
The Ripple-based token is up 45% over the last day and 92% on the week, bringing its 30-day jump to 436 percent. It is currently trading at $2.7 after reaching a seven-year high on Saturday,
The cryptocurrency’s market capitalization has skyrocketed to $155 billion, surpassing Tether’s USDT, the top dollar-pegged stablecoin, as the third-largest digital asset globally. Rekindled interest in XRP is probably fueled by recent trends in the cryptocurrency on TikTok, rumors that a stablecoin issued by Ripple will be approved, and the potential for an exchange-traded fund (ETF).
Globally, XRP’s trading volumes have increased dramatically. Upbit, the largest cryptocurrency exchange in South Korea, recorded a record $4 billion in volume for the XRP-won pair in a day. Coingecko, data showed such represented over 27% of the exchange’s overall trading volume.
The record-breaking activity in the XRP market coincides with the Democratic Party of South Korea’s decision on Sunday to postpone by two years its plan to impose a crypto capital gains tax in 2025.
Markus Thielen, the founder of 10x Research, wrote in a note to clients on Monday that the tax, initially scheduled for 2021, has been delayed several times. “This delay is crucial because it eliminates a significant barrier to speculative trading, opening the door for another round of intense cryptocurrency speculation. “.
Donald Trump’s election victory last month sparked an increase in the Ripple-linked cryptocurrency, but it really took off after Gary Gensler, the chair of the Securities and Exchange Commission (SEC), announced his resignation on January 20, 2025.
Gensler has spearheaded the agency’s investigation into cryptocurrency companies purportedly selling unregistered securities, such as Ripple Labs, whose founders developed XRP. With Gensler leaving, supporters of XRP think that regulatory clarity is on the horizon, making it easier to identify XRP exchange-traded funds (ETFs) and other possible financial products.
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