XRP reached an all-time high weekly candle at $2.95 on Binance, short for Ripple, which is a digital currency associated with the Ripple network. Despite the 14% correction over Sunday, XRP dropped to a low of $2.80 but has since pulled back up to an interim price of $3.10, indicating its continued strength and a broader market recovery. And after briefly dipping below $100,000, Bitcoin is back above $105,000.
XRP soared to an all-time of $3.40 last week on the Bitstamp exchange, levels the token hasn’t reached in more than seven years. During the rally, XRP reached a $185 billion market cap making it the third largest cryptographically secured asset by market valuation.
But there were bumpy moments in the rally. Long positions accounted for 84% of the losses, with a total of $32.5 million worth of XRP liquidated during 24 hours, CoinGlass data shows. XRP futures open interest also fell 11% to $6.69 billion. XRP remains up 26% on the week, and an astonishing 450.5% on the year despite the setbacks.
ProShares, one of the leading providers of exchange-traded funds, has recently filed for leveraged, inverse, and futures-based XRP ETFs. The move suggests heightened institutional interest in the token, generating momentum for speculation around the token’s long-term outlook.
The other big potential catalyst for XRP would appear to be politics. This portends unprecedented support in the cryptocurrency space from the Trump administration. The dinner had caught the attention of the community as Ripple’s CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty dined with Trump on January 6. Garlinghouse later described the meeting as a “strong start to 2025,” posting a photo of the trio together.
Paul Atkins, a crypto champion in the past, will be nominated as the new SEC desk in Trump’s government. Atkins’ leadership could change the trajectory of the ongoing case the SEC has against Ripple Labs. Ripple sold XRP as an unregistered security, the case alleges.
In 2023, Ripple was fined $125 million, but that was far less than the $2 billion the SEC had applied for and it continues its appeal. Atkins’s hiring raises the possibility that the charges could be dismissed completely.
Earlier today Whale Alert posted information about a massive whale deposit of 40 mln XRP (worth $124.8 mln) to Binance. This raised some initial suspicion, but this was more than likely an internal transfer from Binance according to data from Bithomp. That is as XRP tracks BTC as the first crypto recently hit 109,114 USD.
Ripple CTO David Schwartz also spoke out about Gary Gensler’s recent exit as SEC Chair, briefing the XRP community to keep their heads above the water and not make a fuss between themselves. But with a new political climate, new regulatory attitude, and accelerating institutional adoption, XRP is primed for a promising future.
