XRP Price Rises 15% to Become Third-Largest Cryptocurrency at $240 Billion
On January 2, 2025, Bitcoin's price exceeded $97,000 for the first time, prompting Ripple Labs’ #XRP to surge over 14 percent, trading around $2.43 and reclaiming its position as the third most valuable digital asset by market capitalization. XRP achieved a fully diluted valuation of approximately $240 billion with a 24-hour average trading volume near $10 billion.
XRP surpassed Tether’s #USDT with a market cap difference exceeding $400 million. The rebound from a crucial support level above $2 indicates a potential bull rally towards its all-time high (ATH). In the past four weeks, XRP has successfully retested the bullish breakout from the 2021 ATH and is forming a symmetrical descending triangle, typically preceding a bullish movement.
From a technical analysis perspective, XRP's Relative Strength Index (RSI) has remained above 70 percent since early November 2024. The altcoin rebounded from the 50-day Moving Average (MA), and consistent closes above the falling logarithmic trend may lead to further price increases.
Top Reasons Why XRP Price Rallied Today
The recent XRP bull run is significantly influenced by the re-election of President-elect Donald Trump and other pro-crypto US leaders. Trump's administration promises clearer and more supportive regulations for the cryptocurrency industry.
With Paul Atkins nominated as the next US SEC Chair, the XRP community expects the ongoing legal case to be resolved favorably. A court ruling stated that XRP sales on crypto exchanges do not qualify as investment contracts, thus not classified as securities.
In the last two months, the XRP network has garnered attention from whale and institutional investors diversifying their portfolios. On-chain data from Santiment indicates that XRP whales holding between 100 million and 1 billion coins added around 360 million in two days.
XRP’s bullish outlook is further supported by an increase in Futures Open Interest (OI) to over $2.4 billion, a rise of more than 14 percent in the past 24 hours.
As the anticipated altseason approaches due to declining Bitcoin dominance, XRP is well-positioned for continued bullish momentum in the coming months.