XRP Hits Six-Year High: Can It Overtake Ethereum?
Date: 2024-12-04 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
XRP has reached a six-year high, rising to $2.71 from $0.61 at the beginning of the year. This growth allowed the token to overtake Tether and take third place by market cap with $154 billion.
Political changes in the US, such as the election of Donald Trump and the resignation of Gary Gensler as head of the SEC, have had a positive impact on the crypto market. In addition, $85.5 million in XRP futures liquidations in a day, of which $55 million were short positions, have increased market optimism.
High demand for XRP is confirmed by a premium of up to 13% on Coinbase, which signals strong interest from US investors.
Ripple is preparing to launch RLUSD, a stablecoin pegged to the dollar. New York regulators are expected to approve the project in the coming days.
Using XRP as a reserve for RLUSD could reduce the token supply, increasing its price and credibility.
While XRP is currently trading at $2.68, analysts are predicting further growth. $5.85 is cited as a key milestone, with a long-term price of $18.22 possible. However, any investment should be made with consideration of possible risks.
