The digital asset XRP ended 2024 on a high note, rising above $2 for the first time in years after spending most of the year below $0.72 per coin. Since the beginning of January, XRP has jumped more than 236% against the US dollar.
From $0.63 to $2.12: XRP’s Wild Rush During the Crypto Economy Boom of 2024
The crypto economy has expanded significantly over the past 12 months, and the rise of XRP has been one of the standout stories of the year. In the first week of 2024, XRP was trading at $0.63, down a staggering 81% from its January 2018 peak of $3.40. In the first ten months of the year, XRP remained virtually unchanged, reaching its highest point on March 10 at $0.72.
Fast forward to November and the narrative has changed dramatically. By the second week, after the election of Donald Trump as the 47th President of the United States, the price of XRP had risen to $2.72 since December 1st. As the calendar turns to 2025, XRP is now trading between $2.12 and $2.14, up 5.5% over the last day. Despite the sharp rise in the fourth quarter of 2024, XRP remains 37.3% below its all-time high from 2018.
Here’s where the math gets amazing: If someone had bought XRP on May 22, 2014 at $0.002686, their investment at today’s price of $2.12 would have skyrocketed by a staggering 79,207%. XRP also saw success in the market rankings in 2024, moving from sixth place at the start of the year with a market capitalization of $34.11 billion to fourth place by the end of the year with a valuation of $121 billion.
XRP’s rise can be attributed to several factors, including the debut of the stablecoin RLUSD. With 72.26 million RLUSD tokens in circulation, it is among the top 30 stablecoins by market capitalization. Trump’s election also unexpectedly boosted the value of XRP, even as Ripple executives donated millions to Kamala Harris’ campaign.
Crypto enthusiasts are anticipating regulatory changes under the Trump administration that will encourage innovation and ease restrictions on businesses. Many believe XRP will benefit from this climate as former SEC Chairman Gary Gensler makes way for Trump appointee Paul Atkins.
In South Korea, XRP remains a public favorite, leading in trading volume on Upbit and Bithumb. Over the past two days, 25% of all XRP transactions were in the South Korean won, further highlighting the token’s strong position in the region. XRP’s sharp rise in 2024 signals potential for further growth, especially given the changing regulatory environment.
As the digital asset gains traction in global markets, its new stablecoin and the changing political climate could fuel further growth, especially in regions like South Korea where XRP is supporting high trading volumes.
On the other hand, while XRP’s growth trajectory looks promising, it remains to be seen whether the token can maintain its momentum. Despite recent successes, the unpredictability of the cryptocurrency market and potential regulatory hurdles could hinder further progress. Since December 1st, the price of XRP has been falling. The future of the token depends on its ability to solve these problems and whether its recent growth turns into sustainable momentum.
