Ripple Hits 7-Year Peak, Manages to Increase Value by 274% in a Month

XRP has surpassed $2.70 recently and thus, managed to hit its highest price in the past seven years. The cryptocurrency affiliated with Ripple jumped 30% in value in the previous week and 274% in the past month.

As such, its current market capitalization sits at $154 billion, making it the third largest cryptocurrency, trailing behind Bitcoin and Ethereum.

Read this article to find out the current ripple price and discover why it has been on the rise for the past few months.

Several Factors Influenced the Spike in Value

Ripple’s previous record was hit in January 2018, when the cryptocurrency reached a historical high of $3.40. The rise in value seven years after this historical event was the result of several factors. One of the most influential ones was the resignation of the SEC Chair Gary Gensler.

Gensler’s resignation is effective in January 2025. The reason why it influenced XRP’s value is that Gensler was known for his strict regulatory approach towards crypto firms, especially those that traded Ripple.

His resignation also led to an increase in optimism in solving Ripple’s long-standing battle with the SEC.

The second factor was the speculated exchange-traded fund (E.T.F) that revolves around Ripple. Numerous global investment firms, including the likes of Bitwise and WisdomTree, showed that they’re interested in these types of products.

Lastly, Ripple’s monthly release of 1 million tokens led to an upward trajectory. Even though the price dipped by 2.4% after the release, the crypto has been experiencing steady growth since then.

Ripple’s market capitalization is higher than Solana and Tether, which makes it one of the most dominant forces in the crypto world at the moment.

Traders Are Advised to Be Careful With XRP

Even though XRP has experienced a 1,420% rise since March 2020 (the value back then was $0.127), analysts have issued caution about risks that are associated with trading. They stated that similar surges took place in November and after numerous speculations, the crypto ended up dipping 17%.

These events raised questions regarding potential liquidations that could increase volatility. In doing so, the price of XRP may be subject to higher ups and downs, making it far more unpredictable and harder to trade.