Ripple’s XRP has seen an impressive surge recently, surpassing the $2 mark for the first time in almost seven years.
According to data from CryptoSlate, XRP hit a high of $2.50, its highest price since January 2018, before stabilizing at $2.27. This surge has led to a 20% daily increase and a 54% weekly gain for XRP. Over the past month, the token’s value has skyrocketed by 345%, marking a significant fourfold rise.
This surge has propelled XRP to the fourth position among the top cryptocurrencies by market capitalization, overtaking Solana. XRP now has a market cap of $133.9 billion, while Solana lags behind at $112 billion.
If this momentum continues, XRP’s market cap is expected to surpass that of Tether’s USDT, currently at $134 billion.
Significant Contribution from South Korean Traders
A large part of XRP’s recent surge can be attributed to South Korean traders.
Blockchain analytics firm Scopescan noted that XRP/KRW trading volume on Upbit, South Korea’s largest exchange, reached $3.8 billion in the last 24 hours, outpacing Bitcoin trades by 11 times. On Bithumb, another major South Korean platform, XRP trades accounted for $1.2 billion, representing 32% of the exchange’s total volume.
Although global platforms like Binance and OKX also reported increased XRP activity, Bitcoin and Ethereum still maintained higher trading volumes.
Ryan Kim, co-founder of Hashed, emphasized the strong support of South Korea’s XRP community. He attributed this enthusiasm to early adoption campaigns in the country, suggesting that long-time investors are now reaping substantial returns.
He stated:
“Ripple Labs sold XRP to Korean Ajummas with Ponzi scheme in 2014. It called ‘Ripple Market Korea.’ There were so many people invested in XRP back then. Probably they made so much money lol There is genuine XRP community in Korea and That’s why Korean are buying XRP a lot.”
Additional Factors Driving XRP’s Rally
Alongside South Korean traders’ contribution, XRP’s rally is also influenced by a shift in market sentiment, driven by regulatory optimism and institutional interest.
Observers noted that President-elect Donald Trump’s supportive stance on crypto and the resignation of Securities and Exchange Commission (SEC) Chair Gary Gensler have raised hopes for a positive outcome in Ripple’s legal battles against the financial regulator.
Furthermore, the potential approval of XRP-focused spot ETFs has added to the excitement. Major players like 21Shares and Bitwise have applied for such products, signaling growing institutional interest. Ripple CEO Brad Garlinghouse is optimistic about the approval of an XRP ETF, especially after similar funds were approved for Bitcoin and Ethereum by the SEC.
