The price of XRP has surged past the $3 mark for the first time since 2018, marking a seven-year high for the cryptocurrency. Over the last 24 hours, XRP has risen by 18.89%, significantly outperforming the broader crypto market. Currently trading at $3.27, XRP has a market capitalization of $188.11 billion, with a 24-hour trading volume of $25.01 billion, up 72.69%.
The rally is largely attributed to growing speculation around the potential launch of a spot XRP exchange-traded fund (ETF) in the United States. Reports from financial giant JPMorgan suggest such an ETF could attract billions of dollars in investment, creating substantial demand for XRP. Several prominent firms, including Bitwise, WisdomTree, Canary Capital, and 21Shares, have already filed applications for spot XRP ETFs.
Ripple CEO Brad Garlinghouse has expressed optimism about the launch of an XRP ETF, calling it “inevitable.” This comes as expectations rise for a more crypto-friendly regulatory environment under President-elect Donald Trump’s administration. Key anticipated changes include the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins, a crypto-friendly figure, to lead the U.S. Securities and Exchange Commission (SEC).
XRP’s price surge also follows months of positive performance, with the cryptocurrency up nearly 490% over the past three months. The broader market optimism stems from potential regulatory clarity, which could favor Ripple and XRP in their ongoing legal battle with the SEC.
With a circulating supply of 99.98 billion XRP and a fully diluted valuation of $327.01 billion, the cryptocurrency continues to capture the attention of investors and traders. If a spot ETF materializes, it could further solidify XRP’s position as one of the top-performing digital assets.
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