Ripple’s XRP Surges to $2 Mark in a Historic Rally
Ripple’s XRP experienced an incredible surge over the weekend, reaching above $2 for the first time in nearly seven years. The data shows that XRP peaked at $2.50, the highest price since January 2018, before stabilizing at $2.27 at press time.
Key Highlights:
- XRP saw a 20% daily increase and a 54% weekly gain.
- The token’s value surged by 345% in the past month.
- XRP now holds the fourth spot in the top crypto by market capitalization.
- XRP’s market cap is at $133.9 billion, surpassing Solana’s $112 billion.
South Korean Traders Drive XRP Surge
A significant portion of XRP’s recent surge is attributed to South Korean traders. Blockchain analytics firm Scopescan highlighted that XRP/KRW trading volume on Upbit, South Korea’s largest exchange, reached $3.8 billion in the last 24 hours, outpacing Bitcoin trades by 11 times.
On Bithumb, another major South Korean platform, XRP trades accounted for $1.2 billion, representing 32% of the exchange’s total volume.
Global platforms like Binance and OKX also reported increased XRP activity, although Bitcoin and Ethereum still maintained higher trading volumes.
Quotes from Ryan Kim:
“Ripple Labs sold XRP to Korean Ajummas with Ponzi scheme in 2014. It called ‘Ripple Market Korea.’ There were so many people invested in XRP back then. Probably they made so much money lol There is genuine XRP community in Korea and That’s why Korean are buying XRP a lot.”
Other Catalysts for XRP Rally
XRP’s rally aligns with a shift in market sentiment, driven by regulatory optimism and institutional interest. President-elect Donald Trump’s pro-crypto stance and the resignation of SEC Chair Gary Gensler have renewed hope for a favorable outcome in Ripple’s legal battles against the financial regulator.
Additionally, the potential approval of XRP-focused spot ETFs adds to the excitement. Major players like 21Shares and Bitwise have filed applications for such products, indicating increased institutional interest. Ripple CEO Brad Garlinghouse believes an XRP ETF is imminent, following the approval of similar funds for Bitcoin and Ethereum by the SEC.
