The main reasons for the significant rise of $XRP are as follows:

- Favorable regulatory expectations: The legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC) has a significant impact. For example, in July 2023, a judge ruled that XRP is not a security when sold to retail investors, and there are recent rumors that the two parties are about to reach a settlement, which have strengthened investors' confidence in XRP, driving the price up.

- Increased market demand: As more and more enterprises and financial institutions begin to accept and use XRP as a cross-border payment solution, its market demand has soared, further driving the price up. In addition, the number of active accounts for XRP has grown rapidly, from 15,592 to 47,044 between November 1 and 16, with a large influx of new users increasing market demand.

- Technological development and application expansion: XRP Ledger (XRPL), as a decentralized blockchain technology, has seen continuous improvement in its application and adoption rate. Since February, the adoption of XRPL has significantly increased, with more institutions and individuals using it for cross-currency transactions, boosting the demand for XRP tokens and thus driving the price up.

- Positive factors at the company level: Some developments in Ripple's own growth have had a positive impact on XRP's price. For example, Ripple plans to launch a stablecoin, RLUSD, by the end of 2024 and is repurchasing $1.4 billion of its own shares; these measures send positive signals to the market and enhance investors' confidence in XRP.

- Market sentiment and trend-driven: The bullish atmosphere of the entire cryptocurrency market and the price increases of mainstream cryptocurrencies such as Bitcoin have driven XRP's price up. Additionally, XRP's recent price trends have shown strong resilience and an upward trend, attracting more investors' attention and purchases, further pushing the price up.

Who are the strong competitors of XRP?