XRP, Ripple’s native cryptocurrency, has soared over the past month, posting an impressive 36.51% gain. Closing at $3.10, the token saw substantial growth, though it remains 19.03% below its all-time high of $3.84, set in January 2018. With a circulating supply of 57.56 billion XRP and a fully diluted valuation (FDV) at $309.6 billion, XRP’s market cap now stands at $178.22 billion, down slightly by 5.97%. Ali Martinez stated that XRP “has surged past a bullish flag pattern” and is now preparing to reach a new all-time high of $4.40.
Early Month Struggles and Recovery
In late December, XRP faced bearish pressure, trading near $2.26. This period saw a drop in market sentiment, with trading volume reflecting the uncertainty. By the start of January, signs of recovery emerged as XRP steadily climbed back.
Related article: XRP Whales Capitalize on Price Drops, Driving Market Trends
The turn of the year marked the beginning of a bullish trend, driven by increased investor confidence and improved market conditions. The rally took off in mid-January when XRP broke past the $2.75 resistance.
Source: CoinMarketCap
Fueled by positive sentiment across the crypto space, it surged past $3, reaching a high of $3.35 on January 19. Although a brief pullback followed, XRP demonstrated resilience, stabilizing above $3. This upward momentum suggests growing adoption and renewed faith in Ripple’s ecosystem.
Market Dynamics and Challenges
The 24-hour trading volume dropped 14.52%, totaling $16.81 billion, indicating some caution among investors. Despite this, XRP’s trading activity remains robust, with a volume-to-market cap ratio of 9.4%. The total supply remains near its cap of 100 billion tokens, highlighting Ripple’s efforts to maintain token scarcity.
Related article: Ripple’s Comeback? XRP Climbs Amid Market Volatility
XRP’s impressive rally is a testament to its staying power and the market’s renewed trust in its utility. While still below its historic high, the current growth signals a potential rebound to those levels.
However, sustaining this trend will depend on broader crypto market conditions, regulatory clarity, and Ripple’s continued ecosystem development.
As XRP consolidates its position at $3.10, the question lingers: can Ripple harness this momentum and break past its historic highs? Only time will tell, but for now, the XRP community is basking in a well-earned rally.
