XRP Surges 26% to 3-Year High, Hits $79B Cap: ETF Launch Fuels Rally

XRP, the sixth-largest cryptocurrency by market capitalization, surged 26.47% in the past 24 hours, reaching a market capitalization of $79.70 billion—its highest level since the 2021 bull market. With the potential introduction of spot XRP exchange-traded funds (ETFs) in the US, the altcoin may continue to climb.

CoinMarketCap data shows XRP gained a substantial 74.02% in the past week and is up 163.43% in the past 30 days. The cryptocurrency trades at $1.40, down 63.49% from its all-time high of $3.84, reached seven years ago in January 2018. Since November 2023, XRP gained 135.64%.

XRP reached a three-year high of $1.43, and investors expect the cryptocurrency to recover from three sluggish years. Trading volume surged 142.43% to $16.15 billion in the past 24 hours, with investors responding to comments from Ripple CEO Brad Garlinghouse.

In a recent interview, Garlinghouse highlighted that XRP was the second-largest digital asset by market cap before the United States Securities and Exchange Commission (SEC) became involved in the crypto space. He stated that it is time to make up for lost time.

🚨BREAKING: Ripple CEO reminds us that “Before the SEC got involved in crypto, $XRP was the 2nd most valuable digital asset.”

It’s time to make up for lost time. $XRP to $20. pic.twitter.com/d5ebYaeef0

— Armando Pantoja (@_TallGuyTycoon) November 18, 2024

Read also: XRP Deposits on Binance Surge to 18-Month High, Signaling Retail Interest

XRP Price Analysis and ETF Developments

Digital asset management firm Bitwise plans to debut a spot XRP ETF in the near future under the pro-crypto administration of president-elect Donald Trump.

In addition, WisdomTree debuted its latest cryptocurrency exchange-traded product (ETP) on Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext exchanges in Paris and Amsterdam. The ETP is 100% backed by the XRP token.

The Relative Strength Index (RSI) reads a value of 89.19 which means that the bulls are overall in control of the XRP price action. While the altcoin is being overbought at the time of writing, the gradient of the line suggests that higher prices are definitely possible in the short as well as the long term.

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