After surging more than 40 percent in the past few days, Ripple Labs’ XRP has retested its all-time high (ATH) set in January 2018. The large-cap altcoin, with a fully diluted valuation of about $332 billion and a 24-hour average traded volume of around $20 billion, has stamped its dominance in the third position after recently displacing Tether USDT.
The notable rise of XRP, amid the ongoing Bitcoin (BTC) rally, has signaled the onset of a much-anticipated altseason. Moreover, Bitcoin dominance has been forming a macro reversal pattern after being trapped in a rising trend for the past two years.
When Spot XRP ETF?
The idea of a spot XRP ETF has gained significant momentum in the recent past, fueled by the re-election of Donald Trump and other pro-crypto US leaders. Already, several companies – led by Bitwise, Canary Capital, WisdomTree, and 21Shares – have filed for a spot XRP ETF with the US SEC.
As a result, Polymarket users believe there is a 70 percent chance the US SEC will approve a spot XRP ETF in 2025. Additionally, Polymarket users believe that there is a 52 percent chance that the US SEC will approve a spot XRP ETF by July 31, 2025.
Market Impact
Following the renewed demand for XRP among institutional investors, the market value is expected to continue rising in the coming months. Furthermore, XRP’s monthly Relative Strength Index (RSI) has surged above 80 percent for the first time since November 2017 but has yet to reach a peak of around 90 percent.
Additionally, the XRP/BTC has already rallied above the crucial multi-year resistance level, suggesting rising cash rotation from Bitcoin to XRP.
Bigger Picture
Since the 2023 ruling by Judge Analisa Torres, which concluded that XRP sales to retail investors do not constitute investment contracts, the demand for XRP among institutional investors has significantly surged. Furthermore, Ripple Labs has made deliberate moves to improve the mainstream adoption of XRP via the web3 ecosystem.
For instance, Ripple Labs recently launched a fiat-backed stablecoin to supplement its cross-border operations. The blockchain payment company has also introduced smart contracts to the XRPL network, thus increasing its overall on-chain activities.
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FAQs
XRP is a digital currency used for fast, low-cost international payments, powered by Ripple Labs’ blockchain network.
XRP’s rise is fueled by increased institutional demand, the growing altseason, and optimism around a potential spot XRP ETF approval in 2025.
XRP could continue rising as institutional adoption increases, but its price will depend on market conditions and regulatory developments.
XRP shows strong growth potential due to increased institutional interest and a likely spot ETF approval, but as with any investment, risk remains.
The XRP price today is $ 3.33341391
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