Amid the surge in virtual asset investment following the US presidential election, the price of XRP has exceeded the $2 level. This represents an approximately 350% increase compared to before the US presidential election.
According to the virtual asset information site CoinMarketCap, as of 4:20 pm on December 2, XRP was traded at $2.44 per unit. This is about 30% higher than 24 hours ago and about 67% higher than a week ago.
Accordingly, the market capitalization of XRP has also surpassed the $100 billion level, reaching about $1,386 billion. This has pushed Tether and Solana to 3rd and 4th place respectively, and XRP has risen to 3rd place in market capitalization, behind Bitcoin and Ethereum.
Cryptocurrency-specialized media such as CoinDesk and The Block reported that if approved by the US authorities, XRP plans to launch a stablecoin (RLUSD) and this is expected around December 4.
After the US presidential election, the prices of coins related to US companies have shown a strong upward trend, and the news that Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), is expected to resign following the change of administration is also seen as a positive factor for XRP, which is in litigation with the SEC. Some are also expecting the possibility of an XRP spot exchange-traded fund (ETF) being issued in the US.
However, it is pointed out that caution is needed when investing, as cryptocurrency prices often experience sharp rises and falls in volatility. XRP once soared vertically to around $3.4 in January 2018, but then plummeted and fell to the $0.2 level in September of that year.
- Reporter Maeng Jun-ho
- next@sedaily.com
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