In summary
- XRP fell 33% from its high of $2.82, now trading at $2.06 following recent market volatility.
- Despite the correction, XRP is up 237% on the month, boosted by Donald Trump’s victory.
- Gensler’s resignation raises optimism about regulatory clarity and potential XRP ETFs.
Christmas as Bitcoin continued to cool.
The Ripple-pegged XRP token hit a price of $1.90 on Tuesday, according to the Coinbase exchange, marking a drop of nearly 33% from last week’s high. It is now down 15% in the last 24 hours, according to data from CoinGecko, with a current price of $2.06.
Even amid the latest drop, XRP is up 237% on the month, showing just how dramatic its recent gains have been.
Like many crypto assets, XRP rose in price in November and early December, boosted by the election victory of pro-Cryptocurrency candidate Donald Trump. But XRP’s rise became a rocket ride into price territories not seen since January 2018, after SEC Chairman Gary Gensler said he would resign when Trump takes office in January.
XRP faced intense regulatory scrutiny during Gensler’s tenure, with the SEC targeting Ripple Labs, whose co-founders created the token. Ripple’s payments service is built around XRP. Trump’s victory has fueled optimism that XRP will see regulatory clarity ahead, which may spur the launch of products such as XRP exchange-traded funds (ETFs).
But the recent rally has been followed by a sharp correction, with XRP currently being the biggest loser among the top 10 cryptocurrencies over the past day. Bitcoin, in contrast, is down just 1.5% on the day to a current price of about $95,688, rising from a price of $94,386 reached shortly after 1pm ET.
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