The XRP Ledger native token has seen a massive price surge this year, now trading above the $3 mark for the first time in seven years. The rally has brought renewed interest from retail investors, but there is still a long way to go to reach the all-time high.
This renewed interest is reflected Google TrendsWhich shows that search interest in XRP is now higher than interest in the leading cryptocurrency Bitcoin (BTC), despite the launch of Bitcoin exchange-traded funds (ETFs) almost a year ago.
The rise comes after the price of XRP rose more than 45% over the past week to now trade at $3.28 per token, giving it a total market value of around $190 billion. Meanwhile, Bitcoin is hovering around the $100,000 mark after rising 8.4% over the same period.
The cryptocurrency has significantly outperformed the broader cryptocurrency market over the past few weeks, moving to a high not seen since 2018 amid an explosive retail trading trend, which at the time saw it approach $4 above the growing Kimchi Premium, signaling… The price premium seen on cryptocurrency trading platforms in South Korea.
XRP prices rise due to favorable outlook for the cryptocurrency
The bullish sentiment surrounding the token appears to stem from several factors, including a recent JPMorgan report suggesting that a spot XRP exchange-traded fund could attract billions of dollars from investors, and expectations of a more favorable regulatory environment for cryptocurrencies under the coming Trump era. administration.
This crypto-friendly regulatory environment could lead to the creation of a proposed strategic reserve for Bitcoin – which would increase the legitimacy of the digital asset space as a whole – and enhance the possibility of approval of such a spot fund for an XRP ETF.
Several companies have already applied to list XRP ETFs in the US, including 21Shares, Bitwise, Canary Capital, and WisdomTree. Brad Garlinghouse, CEO of Ripple, revealed that he believes the launch of such a fund is “inevitable.”
