XRP Extends Gains to Cement Position as Third Largest Crypto. Why is It Up Today?

Over the last 24 hours, the cryptocurrency market has seen a slight dip of around $30 billion and while most digital assets have mostly traded sideways on that period, XRP saw a rise of little over 1%, further consolidating its position as the third-largest digital asset.

According to CCData, the price of XRP is up little over 1% to now trade at $2.422. In the past week, the cryptocurrency has surged more than 16%, from around $2.112 to its current level, in the continuation of a significant price rise that started in early November.

That rise was partly triggered by Republican candidate Donald Trump winning the U.S. election after running with a pro-crypto stance, vowing to support the industry.  Since then, XRP is up more than 300%.

XRP price chart via CCData.

The crypto market as a whole has been rising over expectations President-elect Donald Trump will bring in policy shifts, including the  establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as head of the SEC.

Trump’s pro-crypto stance has seen many speculate that XRP could soon see the launch of a spot ETF offering exposure to it. Several companies have already filed for spot XRP ETFs, including Bitwise, Canary Capital, WisdomTree, and 21Shares. Ripple’s CEO Brad Garlinghouse has suggested such a fund is “just inevitable.”

Featured image via Pexels.