Ripple Labs’ native token, XRP, is turning heads in the cryptocurrency market after its recent price gains differed markedly from Bitcoin’s (BTC)
Current data from CoinMarketCap shows that while BTC’s price showed a 1.93% uptick in the past 24 hours, the XRP price soared by 12.77%, cementing its position as a resilient digital asset regardless of broader market fluctuations.
However, XRP’s ongoing price momentum is driven by several bullish factors.
XRP Price Hits Highest Level Since 2018
Trading at $1.65, the recent spike in the XRP price is remarkable, given that it is at its highest level in over five years. Despite Ripple’s ongoing legal battle with the US Securities and Exchange Commission (SEC), this rally showcases XRP’s resilience to market downturns and regulatory hurdles.
Due to increased investor interest in accumulating the coin, this digital asset’s trading volume also increased by 43.36% to $9.74 billion. This development comes when other large market-cap digital assets find it challenging to sustain their bullish momentum.
The XRP Price Chart. | Source: CoinMarketCap
Mixed Signals in the Broader Market
Although XRP did better than its competitors, sentiment on the broader cryptocurrency market was mixed. Sui (SUI) and Ethereum (ETH), which have noted excellent performances lately, suffered losses of 7.03% and 1.6%, respectively.
Avalanche (AVAX), Binance Coin (BNB), and Solana (SOL) experienced slight gains of 1.18%, 0.12%, and 2.09%, respectively. These varying performances among these top altcoins suggest that the XRP price surge is driven by factors other than the broader market trends.
Some events within the broader crypto industry also fuel XRP’s price gains. Gary Gensler’s expected resignation as SEC chair has raised expectations that Ripple’s ongoing legal battle with the SEC might be resolved.
Furthermore, some analysts forecast that the US government’s approval of XRP-based exchange-traded funds (ETFs) is imminent. Like other digital assets, this coin is expected to draw more attention from institutions and investors once Donald Trump’s administration as US president commences.