- XRP price reaches seven-year high at $2.67, marking 430% increase since November 5
- Investment products tracking XRP record $95 million weekly inflows, per CoinShares data
- Asset managers WisdomTree and 21Shares file for XRP investment products
- New York regulators expected to approve Ripple‘s stablecoin
- SEC Chair Gensler’s planned departure influences market sentiment
The cryptocurrency XRP reached $2.67 Monday, marking its highest price in seven years amid increasing institutional interest and regulatory developments. The digital asset has outperformed major cryptocurrencies since November, with its value increasing 430% from $0.50.
Institutional Investment Surge
According to CoinShares data, XRP investment products attracted $95 million in the past week, representing 67% of total inflows this year. Year-to-date allocations have exceeded $141 million, signaling growing institutional appetite.
Major asset managers, including WisdomTree and 21Shares, have filed applications for XRP-based investment products in the United States, while similar products outside the U.S. continue to see substantial inflows.
Regulatory Landscape Shifts
The market response follows significant regulatory developments. US-crypto-market”>Fox Business reported that Ripple is close to receiving approval from the New York Department of Financial Services for its stablecoin issuance.
The anticipated departure of SEC Chair Gary Gensler in January 2025 has contributed to positive market sentiment, particularly given the ongoing legal proceedings between the SEC and Ripple regarding XRP’s classification.
Market Performance
According to CoinGecko, XRP has become the third-most traded digital asset, surpassing both Ethereum and Dogecoin in daily trading volume. The cryptocurrency recorded over $56 billion in 24-hour trading volume, trailing only Bitcoin and Tether.
Institutional Recognition
Sidney Powell, Maple Finance CEO, noted XRP’s established position in the cryptocurrency market:
“It has a lot of legacy value because of the length of time that it’s been around. It’s obviously a very well-established cryptocurrency, and Ripple itself is a very well-established business.”
The recent Ripple Swell conference demonstrated strong institutional participation, attracting investment banks and commercial banking representatives, indicating growing mainstream financial sector interest in the XRP ecosystem.
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