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The XRP digital currency has experienced notable volatility over the past few days, influenced by several legal and market factors. In December 2024, the price of XRP rose by nearly 270%, surpassing the $2.4 mark, following the announcement by the Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, regarding his expected resignation in January 2025. This announcement sparked optimism among investors about a potential resolution of the ongoing case between Ripple and the SEC, leading to increased demand for the currency and raising its market value to around $141.6 billion, surpassing USDT to become the third-largest digital currency by market capitalization.
Nevertheless, technical indicators showed that the currency reached an overbought area, raising expectations of a potential price correction. On December 12, 2024, the price of XRP fell by 1.57% to $0.6126, influenced by significant movements from market whales, as approximately 200 million XRP were transferred between unknown wallets and centralized exchanges. This activity raised concerns among investors regarding short-term price stability.
Additionally, a report from the Basel Committee on Banking Supervision indicated that the Polkadot currency has surpassed XRP in terms of bank exposure to digital assets, with Polkadot making up 2.1% of total exposure compared to 1.9% for XRP. This development may impact XRP's market position and reflect changes in the interests of financial institutions.
Currently, XRP is trading at $2.16, with a slight decline of 1.82% from the previous day. Daily prices range between $1.97 and $2.23.
Overall, investor expectations remain optimistic about the possibility of XRP reaching $5 in the near future, especially with potential legal developments and improvements in the regulatory environment for digital currencies.
