XRP’s market capitalization is on track to reach the impressive $100 billion mark with a recent surge. At the time of writing, the price of XRP is just under $1.40, resulting in a total market capitalization of more than $79 billion. John Deaton, a prominent XRP proponent and attorney, emphasizes that this development is a clear sign that “times are changing.”
XRP’s Impressive Rise
In the past week, XRP has risen by a whopping 76.2%, making it one of the best performing cryptocurrencies today. For comparison, on November 10, XRP’s market capitalization stood at $33.5 billion at a price of just $0.59. Since then, the value has almost tripled in less than two weeks.
The road to $100 billion
According to Deaton, a price of $1.75 would be needed to lift the market cap of XRP above $100 billion. While this would be a significant milestone, this is still below the peak price of $1.96 that XRP reached in April 2021. The all-time high (ATH) of $3.40 was last recorded in 2018.
During that period, XRP already reached a market capitalization of $100 billion and even surpassed Ethereum (ETH) in total market value. At the time, this was an exceptional achievement that underlined the power of XRP as a digital currency.
Impact of Gensler’s departure
XRP’s recent explosive growth is tied to the announced departure of Gary Gensler, chairman of the US Securities and Exchange Commission (SEC). During his tenure, Gensler was known for his tough approach to crypto companies, especially Ripple.
The news of his resignation caused an immediate 25% increase in the price of XRP. Investors speculate that without Gensler, the SEC may adopt a more crypto-friendly approach, potentially positively impacting the case between Ripple and the government agency.
Conclusion
With current growth, XRP appears to be on track to cross the $100 billion mark in market capitalization once again. The news of Gensler’s departure and the rising share price offers investors hope for further growth. Although the ATH of $3.40 is not yet in sight, XRP’s recent performance shows that the digital coin is still a major player in the crypto market.
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Source: https://newsbit.nl/xrp-koers-explodeert-marktkapitalisatie-op-weg-naar-100-miljard/
