The price of
As CriptoNoticias has reported, the Cryptocurrency issued by the company Ripple Labs It had a performance of more than 250% during the last 30 days, reaching price levels that were not seen more than 6 years ago.
In the following graph of TradingView It is observed that the price of the digital asset is $2.16, 43% below its ATH.
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XRP price from 2018 to December 10, 2024. Source: TradingView.
Although the price is moving further and further away from the $3 barrier, the good news for XRP investors is that, on the horizon, there are new developments and events that could be crucial and necessary for the price to take off.
Short-term expectations are set for the launch of Ethereum/” target=”_blank” rel=”noreferrer noopener”>RLUSDthe stablecoin that Ripple Labs will issue.
As CriptoNoticias already reported, the stable currency was going to be available on the market starting December 4 but, amid speculation, the company reported that they are still working with the New York Department of Financial Services (NYDFS) to obtain final approval.
But, What is the relationship of the RLUSD stablecoin with XRP?
Expectations remain high regarding RLUSD, because, in principle, Ripple Labs will offer its users a safe haven asset that will not be exposed to price fluctuations in the cryptocurrency market. In addition, it should be noted that the stablecoin, which will have 1:1 parity with the US dollar, will be issued in the Ethereum network and on XRP Ledger.
XRP is the native currency of the XRP Ledger, so if the stablecoin drives greater trading volume on that network, the demand for XRP will increase to meet the commission costs of each transaction. This increase will generate an upward momentum in the price of the cryptocurrency and, in this way, it will be able to strengthen its position in the market.
By the way, it is worth noting that the rally that XRP had during the last 30 days allowed it to position itself as the third most valuable asset in the market. It is currently worth $123 billion in terms of market capitalization.
Crypto Friendly Regulation
In addition to the launch of RLUSD, the direction it defines Donald Trump’s upcoming administration as US President could be key to the price of XRP.
Gary Gensler, the current chairman of the Securities and Exchange Commission (SEC), announced that as of January 20, 2025, he will leave his position. In this framework, the elected president nominated Paul Atkins as his successorwho has expressed his support for the cryptocurrencies.
The Atkins designation must be approved by the Bitcoin-quiere/” target=”_blank” rel=”noreferrer noopener”>US Congress so he can officially take on that role. The concrete thing is that This process could change the regulatory landscape for the digital assets sector.
Gensler is considered by the industry as a kind of villain for his persecutory attitude against cryptocurrencies. In fact, its approach to regulation prompted numerous lawsuits against exchanges and companies in the sector, such as Ripple Labs.
Gensler will step down as head of the SEC in January 2025. Source: SEC.
According to the court filing, the SEC accused the firm led by Brad Garlinghouse of marketing XRP through exchanges. Although the justice of that country determined that the Ripple Labs currency can only be considered a security (security) in some circumstances, such as institutional sales, the regulator appealed the measure and the conflict continues.
With Gensler’s departure, the legal dispute could have a happy ending for XRP.
Furthermore, with a pro-cryptocurrency administration, There could be more clarity about which assets are considered securities and which are not. This would be beneficial for the launch of more cryptocurrency-based investment products.
Currently, there are four companies who submitted their applications to list their XRP-based exchange-traded funds (ETFs). The approval of these financial products could increase the liquidity and accessibility of more traditional investors to the Ripple currency.
A market that accompanies
Lastly, the XRP price also needs the overall cryptocurrency market to maintain positive sentiment.
For this, it will be essential that the price of bitcoin (BTC) recover and stay above the $100,000 line.
Generally, the good performance of the coin created by Satoshi Nakamoto It expands market optimism and awakens investors’ interest in risk. This could generate greater demand for the rest of the cryptocurrencies like XRP.
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