XRP saw its price jump 21% over the last seven days and 13% over the last 24 hours, trading at $2.69 as of press time—just as the Ripple USD (RLUSD) stablecoin launches on the network.
XRP was launched by the co-founders of Ripple Labs in 2012, but the company has gone to great lengths to stress that it is not the issuer of the token. Still, crypto traders know there’s a link and tend to consider good news for Ripple Labs, like its new stablecoin being approved by New York regulators, as an indicator that the XRP price will go up.
Founder of Obchakevich Research Alex Obchakevich told Decrypt that “XRP has the largest growth over the past week among the top 10 cryptos” with its growth significantly overtaking Bitcoin’s 10% gain over the same timespan.
“XRP has been consolidating in this bull flag for a while, but once it clears the $2.60 resistance, I think it’s off to the races, heading toward $4,” he added.
Over-the-counter trading desk principal at Wintermute, Jake Ostrovskis, told Decrypt that “XRP has benefited from being 'known' in retail circles, whilst bullishness around the new U.S. administration is leading traders to front-run a potential ETF [exchange traded fund] launch.”
The comments follow a late November filing by New York asset manager WisdomTree, making it the latest firm to register its interest in launched an XRP spot ETF product.
Adam O'Neill, chief marketing officer at Bitrue exchange, told Decrypt that “with XRP ETFs also a likely event in 2025 we would anticipate a new all-time high for this coin by end of Q1 at the latest.”
He also added that the platform expects “a boost in demand for XRP through 2025 because so many pieces are falling into place.” He highlighted how the firm’s battles against regulators “now appear to be a thing of the past” and XRP is “set to be a major beneficiary from Trump's pro-crypto administration.”
WisdomTree Files for XRP ETF After Ripple-Linked Coin Hits 3-Year High Price
New York asset manager WisdomTree is the latest firm to file for an XRP exchange-traded fund (ETF), amid optimism over the asset's future that helped drive it late last week to a price not seen since 2021. The paperwork filed with the state of Delaware is the first step in getting such a product approved. WisdomTree will have to make the filing with Wall Street’s top regulator the Securities and Exchange Commission (SEC) to get the process officially moving. XRP is a digital coin created by th...
O'Neill also pointed out that XRP is “receiving a wide amount of attention from both crypto-centric as well as traditional media for their 400% price increase in the last ~6 weeks.”
Meanwhile, Ripple is set to launch its RLUSD stablecoin today, with some analysts believing that this is playing a role in driving market demand for XRP.
Obchakevich said that the “launch of RLUSD will also play an important role, which will allow Ripple to consolidate its position in the market and continue its growth.”
Ripple Legal Chief Says SEC Appeal Will 'Backfire'—And Benefit the Crypto Industry
As the Securities and Exchange Commission (SEC) prepares to appeal a federal judge's decision involving XRP, the agency is setting itself up for yet another high-profile failure, according to Ripple Labs’ Chief Legal Officer, Stuart Alderoty. “It will backfire on the SEC,” he told Decrypt in an interview. “I felt good about our case in the Southern District of New York. I feel even better about our case in the Second Circuit.” When the SEC first hit Ripple and two of its executives with a lawsui...
“According to my forecasts, RLUSD will enter the top 100 cryptos in the first days with a market cap of more than $1 billion,” he added.
O'Neill also pointed out that Ripple USD transactions “burn a small amount of XRP as a gas fee, which over time will increase XRP's scarcity and translate to higher prices for the coin.” He believes that “the successes of these two assets are intertwined and investors have picked up on this connection.”
Edited by Stacy Elliott.
