Simply put
- XRP prices hit a new record on Thursday, surpassing the previous high set seven years ago.
- Data from Coingecko indicated that it reached $3.40 in 2018 during the ICO boom.
- Despite the easing of regulatory challenges, XRP ledgers are now utilized by numerous financial institutions.
XRP prices climbed to unprecedented levels on Thursday, breaking past a seven-year-old record amid a broader surge in the altcoin market.
According to data from a crypto provider linked to Ripple Labs, XRP soared more than 36% to approximately $3.41. The previous high was $3.40, back in January 2018.
Meanwhile, Ethereum and Solana outperformed Bitcoin’s 5.5% gain, jumping by 21% and 8%, respectively.
As a result of the recent surge, XRP has now overtaken Tether’s USDT, becoming the third-largest digital asset by market capitalization. By Thursday, XRP’s market cap exceeded $200 billion, while Tether stood at around $160 billion.
This all-time high reflects investor confidence in Ripple’s vision for a blockchain compliant with institutional regulations. It’s seen as a testament to the direction they’ve been pursuing.
XRP, which was introduced along with the XRP ledger in 2012, has been facilitating cross-border and currency payments for nearly as long as cryptocurrency itself has existed. The peak price in 2018 coincided with a time when Wall Street adoption seemed very distant to many in the market.
Since then, Ripple has successfully assisted numerous financial institutions in implementing their XRP ledgers, ranging from major banks like Bank of America to smaller banks worldwide.
The solutions offered by Ripple aim to enhance the efficiency of money transfers, making them faster and more cost-effective compared to traditional banking systems. Last year, the company launched a stablecoin named Ripple USD, which amassed $517 million in just eight months.
Ripple’s efforts to position the XRP Ledger as a preferred choice for representing real-world assets, including tokenization, have received positive commentary from industry experts.
Geoff Kendrick, a global head of investment banks, mentioned that XRP operates similarly to stablecoins and that increased transaction flows on the XRP Ledger are expected to be beneficial. He also noted that the potential introduction of a spot XRP ETF in the U.S. could generate additional demand.
Kendrick recently set a year-end price target of $5.50 for XRP, expressing a more optimistic view that it might even reach $12.25 over the next decade.
With this record-breaking peak, many users are optimistic that XRP could climb to $3.50, with estimates suggesting an 85% chance it won’t dip back down to $2.00. It’s an intriguing perspective on the future of XRP.
While Ripple faces an ongoing lawsuit from the U.S. Securities and Exchange Commission regarding $1.3 billion in unregistered securities related to XRP, there are indications that the SEC may be relenting in its actions against the company.
Recently, Ripple CEO Brad Garlinghouse announced that the company had dropped a mutual appeal with the SEC, signaling a potential end to a four-year legal dispute.
“We are fully closing this chapter and redirecting our focus to what’s crucial: establishing an internet of value,” he stated. “It’s time to move forward.”
