Ripple’s XRP token has delivered incredible growth over the last year. The asset breached the $3 mark for the first time in seven years earlier this year, in January. XRP’s price has rallied by 450.9% since July 2024. If you had invested $1000 in XRP last July, the investment would have been worth about $5500. The asset’s growth over the last year has been truly remarkable.
XRP Trading In The Green Zone As Bitcoin Approaches Peak
Ripple’s XRP token is experiencing a bullish rebound amid a larger crypto market rally. Bitcoin (BTC) is half a percentage point away from its peak. Most other assets are also showing healthy rallies.
XRP is currently up by 4.3% in the daily charts, 7.6% in the weekly charts, 10.6% in the 14-day charts, and 5.7% over the previous month.
XRP’s rally could be fueled by the recent announcement that Ripple will use BNY Mellon as custodian of its new stablecoin, RLUSD.
The larger market rally could be due to BTC on the verge of hitting a new all-time high. The crypto market had struggled to gain much momentum over the last few months. Retail players were stagnant. The rallies over the last few weeks were likely due to consistent institutional inflows from crypto-based ETFs.
Also Read: After 5% Surge, XRP Ready To Climb Above $2.50 to $2.70
There is a chance that XRP will continue its rally over the coming weeks. Ripple has seen a substantial growth in global adoption over the last few years. Many anticipate a similar pattern in the US once clear regulations are in place.
XRP also has a few ETF applications awaiting approval with the SEC. An ETF approval will likely lead to further price spikes for the asset. The SEC has taken a pro-crypto stance after the appointment of Paul Atkins as the new head. Atkins is a pro-crypto candidate, and many anticipate him to be more lenient on the crypto industry than Gary Gensler.