Ripple’s XRP experienced an impressive rally over the weekend, surpassing the $2 level for the first time in nearly seven years.
According to data from CryptoSlate, XRP peaked at $2.50, its highest since January 2018, before stabilizing at $2.27 at the time of writing.
Despite this slight pullback, XRP posted a daily gain of 20% and a weekly gain of 54%. Over the past month, the token's value has soared 345%, marking an astounding 4x increase.
With this rise, XRP overtook Solana and moved into fourth place among the top cryptocurrencies by market capitalization. XRP's market cap currently stands at $133.9 billion, while Solana's remains at $112 billion.
If it maintains its current momentum, XRP’s market cap will exceed Tether’s USDT market cap (currently $134 billion).
Refueling by Korean traders
A significant portion of XRP's recent surge is due to Korean traders.
Blockchain analysis firm ScopeScan noted that XRP/KRW trading volume on Upbit, South Korea's largest exchange, reached $3.8 billion in the past 24 hours, exceeding Bitcoin trading by 11 times.
On Bithumb, another major Korean platform, XRP trading reached $1.2 billion, accounting for 32% of the exchange's total trading volume.
Meanwhile, global platforms such as Binance and OKX reported an increase in XRP activity, while Bitcoin and Ethereum maintained higher trading volumes.
Ryan Kim, co-founder of Hashed, emphasized the loyalty of the South Korean XRP community. He linked this enthusiasm to the country's early adoption campaign, suggesting that longtime investors are reaping big rewards.
He said:
“Ripple Labs sold XRP to South Korean ajummas in a Ponzi scheme in 2014. It was called “Ripple Market Korea.” At that time, a huge number of people were investing in XRP. They probably made a lot of money lol. Korea has a real XRP community and that's why Koreans are buying a lot of XRP. ”
Other catalysts
Meanwhile, XRP's rise coincides with a major shift in market sentiment, driven by regulatory optimism and institutional investor interest.
Market participants believe that President-elect Donald Trump's pro-cryptocurrency stance and the resignation of Securities and Exchange Commission Chairman Gary Gensler will lead to a favorable outcome in Ripple's legal battle with financial regulators. He pointed out that there is a renewed expectation that the situation will be met.
Additionally, the potential approval of an XRP-focused spot ETF also adds to the excitement. Major companies such as 21Shares and Bitwise have also filed for such products, indicating growing interest from institutional investors. Ripple CEO Brad Garlinghouse believes the arrival of an XRP ETF is only a matter of time, especially after the SEC approved similar funds for Bitcoin and Ethereum.
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