XRP Overtakes Solana Market Cap, Hits Seven-Year High with South Korean Traders
XRP Surges to Seven-Year High
In a stunning turn of events, Ripple’s XRP has managed to flip Solana’s market cap, reaching a seven-year high driven by the enthusiasm of South Korean traders. Over the weekend, XRP broke the $2 mark for the first time in almost seven years, peaking at $2.50. This surge marks a significant milestone for the cryptocurrency, with its value stabilizing at $2.27 at the time of reporting.
Impressive Market Cap and Growth
The surge in XRP’s value has not gone unnoticed, as the token has seen a 20% daily increase, propelling its weekly gains to a remarkable 54%. Over the past month, XRP’s value has skyrocketed by 345%, showcasing a fourfold rise that has propelled it to the fourth spot among the top cryptocurrencies by market capitalization. XRP’s market cap now stands at $133.9 billion, surpassing that of Solana, which trails behind at $112 billion.
If this momentum continues, XRP is poised to overtake Tether’s USDT market cap, currently at $134 billion, cementing its position as a dominant player in the crypto market.
South Korean Traders Drive the Surge
A significant portion of XRP’s recent surge can be attributed to the enthusiasm of South Korean traders. Platforms like Upbit and Bithumb have reported a surge in XRP trading volume, with Upbit recording $3.8 billion in XRP/KRW trades in the last 24 hours, outpacing Bitcoin trades by a significant margin. Bithumb reported $1.2 billion in XRP trades, representing 32% of the exchange’s total volume.
Ryan Kim, co-founder of Hashed, emphasized the loyalty of South Korea’s XRP community and linked it to early adoption campaigns in the country. He highlighted the significant returns that long-time investors are now reaping, showcasing the genuine enthusiasm for XRP in South Korea.
Regulatory Optimism and Institutional Interest
XRP’s rally coincides with a shift in market sentiment, fueled by regulatory optimism and institutional interest. President-elect Donald Trump’s pro-crypto stance and the resignation of SEC Chair Gary Gensler have renewed hope for a favorable outcome in Ripple’s legal battles against the financial regulator.
Additionally, the potential approval of XRP-focused spot ETFs has added to the excitement, with major players like 21Shares and Bitwise filing applications for such products. Ripple CEO Brad Garlinghouse believes that an XRP ETF is inevitable, especially after similar funds were approved for Bitcoin and Ethereum.
As XRP continues to make waves in the crypto market, all eyes are on its future trajectory and the impact it will have on the broader cryptocurrency landscape.