XRP Hits New Record High After Seven Years
XRP, the Ripple-affiliated cryptocurrency, has reached new all-time highs on major exchanges after seven years. This achievement marks a major milestone for the controversial token.
XRP Surpasses 2018 Peak
XRP broke its previous record set during the 2018 crypto frenzy. At that time, its all-time high was fueled by intense market speculation. CNBC even aired a tutorial on buying XRP on Poloniex.
Historic Challenges and Recovery
Following the 2018 peak, XRP endured a massive 91% correction. It nearly dropped out of CoinMarketCap’s top 10 after the SEC sued Ripple in late 2020. However, Ripple triumphed in court, as secondary sales of XRP were ruled not to be securities offerings.
New All-Time High
On Thursday, XRP surged to $3.38 on the Kraken exchange. The cryptocurrency has soared more than 30% over the past four days. It is now the third-largest cryptocurrency, outperforming other major tokens.
Strategic Reserve Speculation Boosts XRP
A New York Post article suggested the U.S. could create a strategic reserve of cryptocurrencies like Solana and XRP. This speculation contributed to XRP’s new peak, even if the idea seems far-fetched.
ETF Potential on the Horizon
Ripple’s confidence remains strong despite the SEC’s ongoing appeal. Investors speculate that XRP could be next in line for a U.S. cryptocurrency ETF. JPMorgan forecasts such a product could attract $8 billion in inflows.
Conclusion
XRP’s record high highlights its resilience and growing investor confidence. As regulatory clarity improves, the cryptocurrency could see even greater milestones ahead.
SOURCE : UToday
