Recently, Bitcoin has been fluctuating around the $95,900 level, and the price has been unable to break through the $100,000 threshold. As an established public chain, Ripple (XRP) has had its CEO publicly criticize Bitcoin multiple times. The list of issues is simply too long to mention. Just a year ago, mentioning XRP on crypto Twitter would likely get you mocked or even ostracized. Now, XRP has changed everything with its price surge; their 'victory day' has arrived.#XRP解锁新趋势
Recent performance of XRP
1. XRP's market capitalization has exceeded $130 billion, setting a new high, surpassing USDT and Solana, ranking third in cryptocurrency market capitalization;
2. XRP's price increased by 283.9% by the end of November, with a rise of over 367% in the last 30 days, and more than 71% in the past week, soaring from $0.51 to $2.47, a rise of up to 380%.
3. As news of Gensler's departure gradually comes out, Ripple's lawsuit with the SEC may welcome a turning point;
4. Ripple recently announced the launch of a new stablecoin, RLUSD, which has been approved by the New York Department of Financial Services (NYDFS) and is scheduled to be officially launched on December 4.
5. Actively expand cooperation with global central banks and financial institutions to promote the application of XRP in payments, settlements, supply chain finance, and other fields.
6. With the continuous rise in XRP's price, more and more institutional investors are starting to pay attention and enter the market. The future application for an ETF will become more likely#xrp新纪元
Why is XRP itself a 'tough guy' character?
Ripple (also known as XRP) is a global cross-border payment network created by Ripple Labs, claiming to enable secure, instant, and almost free global financial transactions of any scale based on distributed ledger technology.
Tags: Corporate Blockchain Payments
Established: 2012
Location: United States
XRP, as a core component of the Ripple network, aims to improve the efficiency of cross-border payments. Compared to traditional financial systems, XRP can achieve value transfers at a very low cost and with fast transaction speeds. The design goal of the Ripple network is to address the high fees and long wait times faced by traditional banking systems in international transfers. According to Ripple's official website, the transaction confirmation time for XRP is usually within a few seconds, while traditional banks' international transfers may take several days to complete.$XRP
The total issuance of XRP is 100 billion tokens, most of which are controlled by Ripple Labs. This design aims to ensure market stability and liquidity. The legality of XRP will be further confirmed. Although the legal proceedings in the US are still ongoing, other countries' attitudes towards XRP are relatively friendly, providing a good environment for its international development.
Why did XRP surge?
As of now, the price of XRP has surpassed 2.49, setting a new high for the year, which is the result of multiple factors acting simultaneously, creating a soaring sentiment:
1. XRP is close to a major victory in its legal dispute with the SEC. For nearly four years, this lawsuit has been a significant barrier to XRP's price. With Trump's impending ascension, this case has dragged on for years, and now, SEC Chair Gary Gensler has announced he will step down in January of this year, with the new SEC chair yet to be determined, providing many optimistic trends, especially as compliance increases!
2. The application for XRP ETF is underway. 21Shares applied for a Ripple ETF on November 1st, raising investor expectations. Bitwise has submitted an application to the SEC to launch an ETF based on its 10 cryptocurrency indexes, including XRP. Although it only accounts for a small part of the proposed ETF, as the SEC considers approving such products, XRP's market dynamics may further benefit. Bloomberg analysts believe it may take until the end of next year for approval.
3. Ripple recently destroyed 46.67 million RLUSD stablecoins
Only a small amount remains. This action is interpreted by the market as a measure to enhance the stability and trust of the Ripple ecosystem, providing support for XRP's rise.
4. Bitcoin's market share has dropped to 55.5%
The total market capitalization of altcoins reached $1.4 trillion in November, with a one-sided increase of 70%. Under sector rotation, XRP's CMF turned positive from negative, and although this indicator has not yet reached the high point of a bull market, this shift still injects momentum into the upward trend.
5. Ripple's plans for new products
Bitwise Asset Management has renamed its European XRP trading platform product to 'Bitwise Physical XRP ETP', and Ripple plans to invest in this product, as the application of XRP in cross-border remittances, institutional DeFi, and tokenization has driven its demand increase.
6. The push from the pattern indicators shows that XRP has had four consecutive weekly gains, tripling in value, and the price is nearing the historical high of 2021, releasing much of the trapped capital, with the current RSI at 74.8, already entering the overbought zone!
XRP Outlook
Bitwise analysts recently stated that the dollar index has risen from 103.42 on the day Trump won the US election to the current level of 106, which may hinder Bitcoin's push to $100,000.
The surge in XRP's price is not only related to the leadership change at the SEC but also closely tied to Ripple's global expansion and deep cooperation with institutions. Recently, XRP broke through a dynamic resistance level that had stood for 5 years. Some optimistic crypto analysts believe that XRP's next target price could reach $4.2, driven by market sentiment and favorable policies, and XRP is expected to break through the historical high of $3.317 set in 2018 in the short term.
However, it is worth noting that the new chair of the US Securities and Exchange Commission (SEC) has not yet been confirmed, which poses certain regulatory uncertainties for Ripple, still having potential compliance risks. The vast majority of XRP tokens are still held by Ripple, and Ripple sells a certain amount of XRP every quarter, creating a selling pressure.
