The incredible climb in XRP; the native currency of the XRP Ledger, has put it in an astonishing angle gaining a profound 354% over the last three months, making it to the third-largest position by market cap. In spite of a 4.9% decline recently, XRP surge remains one of the foci of market action and optimism among investors.
XRP Surge: The Meteoric Rise
XRP was trading at $2.54 per coin on Dec 3, down 4.9% from yesterday. But 81% weekly gain and 354% in last quarter puts it in a great shape to do well during a crypto bull run.
This move comes as XRP’s legal battles get a boost with the incoming Trump administration. Analysts say this price increase is due to institutional interest, speculative momentum and the consensus mechanism of the XRP Ledger.
Serving as an alternative to the traditional blockchain, the XRP Ledger operates by consensus protocol where mining is not part of the functions. This made it one of the fastest transaction speeds in the world. Such elements make XRP relevant from the time it was introduced in the crypto space in 2012 by Larsen and McCaleb.
Market Position and Dynamics
According to the information on December 3, XRP’s market cap at the present time is $145 billion and the fully diluted valuation is $255.62 billion. The global trading volume figures for the last 24 hours stand at $45.61 billion wherein approximately $26.73 billion was from Upbit in South Korea, with $7.61 billion being the traded volume of XRP in that platform.
Globally XRP is one of the most traded cryptocurrency, only behind USDT and BTC. South Korean won is the second most traded fiat pair for XRP after USDT, reflecting the regional concentration of its activity.
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XRP is doing well now but still 25% off its all time high of $3.40 on Jan 7, 2018. So the question is, are these gains sustainable or just short term market sentiment?
Speculation vs Reality
Speculation is still surrounding the XRP surge. A lot of the activity is happening in regional markets, including South Korea where volumes on Upbit have been consistently higher than global average. The regional interest is a sign of strong market momentum but also could be a sign of volatility tied to regional trading dynamics.
Speculation is also driven by legal uncertainty surrounding the Ripple vs SEC case. Market players are watching the case closely as a favourable outcome could set a precedent for crypto regulations and boost XRP adoption.
Institutional interest especially in using XRP for cross border payments has also contributed to the recent gain. Ripple’s partnerships with financial institutions and its blockchain infrastructure makes XRP a unique solution for global remittances.
Conclusion
The 354% 3 month XRP surge is a mix of legal optimism, institutional support and speculative trading. How much more will it go up? Some ask, is it organic? Indeed XRP’s outcome now heavily influenced by regional markets may be a sign of the broader crypto market temperature over the next few months as the case unfolds and market conditions change.
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The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.
You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.
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