In summary
- XRP surpassed $2.00 for the first time in nearly seven years, reaching $2.16, boosted by regulatory optimism.
- XRP is up 318% in 30 days, becoming the fourth most valuable digital asset, surpassing Solana.
- Ethereum hit a six-month high of $3,741, rising 48% in the last 30 days, but is still below its all-time high.
XRP continued its weekend surge into Sunday, rising above the $2.00 mark for the first time in nearly seven years and surpassing Solana by market capitalization, while Ethereum hit a six-month high.
The price of XRP is up 15% on the day, pushing its weekly gain to 54%. The asset has now quadrupled in price over the last 30 days, rising 318% during that window.
With a current market capitalization of $134 billion, XRP has jumped ahead of Solana to become the fourth most valuable digital asset overall. Solana’s market capitalization stands at approximately $112 billion, as of this writing.
As Decrypt reported yesterday and over the past few weeks, XRP is rising more than most major assets due in large part to optimism about its regulatory future. President-elect Donald Trump campaigned on a pro-crypto platform, and Securities and Exchange Commission (SEC) chief Gary Gensler has announced his retirement effective January 20, 2025, when Trump will take office.
The SEC has attacked Ripple Labs for alleged securities violations, leaving XRP—which was created by Ripple’s founders and is used in its money transfer services—with an uncertain future in the United States. However, the impending regime change has given investors confidence that XRP will face fewer challenges ahead, and could be adopted for spot exchange-traded funds (ETFs) and other financial use cases.
XRP remains roughly 41% below its all-time high price of $3.40 set in January 2018, but again, it is closer than it has been in almost seven years.
Of course, all major cryptocurrencies have seen rising prices in recent weeks since Trump’s election victory, although Ethereum (ETH) had lagged behind Bitcoin and other coins in recent months.
But ETH may finally be catching up, as it hit a six-month high price of $3,741 on Sunday. Additionally, Ethereum is up 11% for the week and 48% over the past 30 days, but is still about 24% below its 2021 all-time high of $4,878.
Still, it’s relatively unchanged on the day, with just a 0.4% gain at the time of writing, as the price has since dropped to $3,707. Bitcoin has also been roughly stable on the day, with a current price of $97,200.
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