EddieJayonCrypto
2 Dec 24
The price of XRP surged to a seven-year high on Monday, driven by factors including renewed regulatory hopes and the potential for XRP-centric investment products. Asset managers have filed for products to give traditional investors exposure to the spot price of XRP, and digital asset products for X...
XRP's surge to a seven-year high is driven by post-election factors and the potential for XRP-centric investment products. Several asset managers have filed for products to give traditional investors exposure to XRP, with notable inflows outside the U.S. This surge is linked to growing sentiment that the SEC's legal battles may be coming to an end, with the announcement of SEC Chair Gary Gensler's upcoming resignation.
The surge is also attributed to speculation on the approval of an exchange-traded product for XRP, as well as traders navigating the crypto market independently. XRP's association with the Ripple Network, strong brand recognition, and institutional participation also contribute to its rise, outpacing Bitcoin and Ethereum's relative gains since Election Day.
The distinct nature of XRP's recent strength is comparable to other digital assets' rise, with significant trading volume and ongoing regulatory impact. Despite past legal battles, XRP's price surge reflects renewed regulatory hopes and the potential for a shift in the SEC's approach under new leadership.