CNBC now ranks XRP as the top winner in Trump’s crypto rally claiming XRP has surged 370% since Trump won the presidential election.
CNBC has reported that XRP emerged as the standout performer in the recent cryptocurrency rally associated with Donald Trump’s victory.
The asset has seen remarkable gains since the U.S. election, with its price nearly reaching $3 earlier this month.
XRP Outperforms the Broader Crypto Market
In its analysis, CNBC highlighted that XRP has surged an impressive 370% since Trump’s election win, far surpassing Bitcoin’s 46% increase and the overall crypto market’s 93% growth.
Before the election, XRP was trading around $0.50 but experienced a significant drop following the U.S. SEC’s appeal of the Ripple ruling.
However, in the wake of Trump’s victory, XRP’s price skyrocketed to $2.86 on December 3.
During its rally, XRP briefly overtook Solana (SOL) and Tether (USDT) to become the third-largest cryptocurrency by market capitalization, although it recently lost this position to USDT after a competitive period.
Factors Driving XRP’s Price Surge
Several key factors have contributed to XRP’s impressive performance.
A major driver has been speculation that Trump’s victory could lead to a resolution in the ongoing Ripple lawsuit, which has been a source of regulatory uncertainty.
A pivotal ruling by a federal judge stating that XRP is not a security has also boosted institutional interest in the asset.
This newfound clarity has led major asset managers to explore launching XRP-related investment products, including ETFs, with firms like Bitwise, WisdomTree, and Grayscale Investments in the mix.
Speculation is rife that the U.S. SEC may approve at least one of these ETF applications, potentially making XRP the third cryptocurrency to secure an ETF in the U.S.
Recent Market Activity
XRP’s price has seen some volatility, dipping below $2 to approximately $1.90 on December 10, which prompted bullish investors to seize the opportunity to increase their holdings.
This decline was short-lived, with XRP rebounding to $2.40 following Ripple CEO Brad Garlinghouse’s announcement of the New York Department of Financial Services’ approval of the RLUSD stablecoin.
As of now, XRP is trading at $2.48.
Trading volume has increased by 5.4% recently, reaching $6.78 billion.
The majority of trading has occurred on Binance, which accounted for approximately $884.13 million of the total volume, followed by Upbit, Coinbase, and KuCoin.
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Also Read: XRP’S Drop Now Sparks Optimism
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