A new milestone is whipping the XRP bulls and supporters are eying a potential rise of the coin to $3 soon. This article will give a rundown of what’s turning the cryptocurrency’s wheels in motion.
XRP saw a 74% surge in transaction volume during the Christmas festivities as it just came short of recapturing the $0.65 range. The push also added over $1 billion to the overall market cap of the digital asset to $34.47 billion.
With the breach of the past $0.63 resistance, analysts are now eyeing for XRP’s charge toward $0.8, which could propel it to $1.32. The super bullish outlook for the coin plots it in the $3 bracket.
XRP Post-Christmas Price
As of this writing at 1:00 AM on Tuesday, XRP’s movement has retraced a bit to $0.6375 with a 4.24% gain on the 24-hour frame. The coin is still experiencing an increase in trading volume by 47.23% as $1.768 billion XRP moved in crypto exchanges over the same timeframe. The same period saw the digital currency make significant strides from a low of $0.6086 to a high of $0.6468.
Zooming out the charts reveals value accumulation in the weekly and monthly frame at 4.6% and 2.64%, respectively. It should be noted that XRP also went up by a whopping 83% in a year.
XRP, however, has still a lot of catching up to do from its all-time high of $3.84 back on January 4, 2018. It’s still 83.38% behind that target, but if the forecasts discussed here will come to fruition, then it’s going to be a big leap forward towards a potential realization of those numbers.
What Made XRP Pump?
The major rally of XRP in the past week leading to the holidays can be attributed to the recent approval of Ripple as a virtual asset service provider (VASP) in Ireland. The Central Bank of Ireland brought Ripple Markets Ireland Ltd, the Dublin arm of the technology firm, under its regulatory supervision on December 19 after it fulfilled the country and European Union’s (EU) anti-money laundering and criminal financing requirements. The milestone also positions the company to apply for authorization to expand its reach within the umbrella of the incoming Markets in Crypto Assets (MiCA) rules of the EU.
Ripple’s Senior Vice President for Strategic Initiatives Eric van Miltenburg praised the Irish nation’s supportive stance for cryptocurrencies and virtual asset firms. He remarked that it serves “consequently as a great place for businesses like Ripple’s to operate” reinforcing their decision to select Ireland as their primary regulator in the EU jurisdiction.
Besides Ripple, Ireland’s central bank currently holds supervision over other popular VASPs in the region, including Coinbase, Kraken, and Gemini.
Losing in the Top Crypto Ranking by Market Cap
XRP was recently knocked off the top five cryptocurrency rankings by market capitalization because of the massive onslaught of Solana (SOL). The crypto dubbed as “Ethereum (ETH) killer” dislodged Ripple’s token in the rankings when it tapped $86 in the past couple of days before dethroning BNB in fourth place when it got past $100.
The continuing growth of XRP comes as a reassurance amid this major setback against the competition.