Ripple (XRP) Surges to New Yearly High: Price Predictions and Market Implications

Ripple (XRP) has experienced a significant surge, reaching a new year-to-date high of $1.43 on Friday. This marks the highest level for XRP since mid-May 2021, with the cryptocurrency extending its gains by around 10% on the day. The rally is attributed to two key factors: the announcement of the resignation of US Securities and Exchange Commission (SEC) Chair Gary Gensler and the launch of XRP exchange-traded products (ETPs) in Europe by asset management company WisdomTree.

The SEC’s leadership change and the introduction of XRP ETPs in Europe have bolstered investor confidence in the cryptocurrency. XRP bulls are now aiming for a three-year high of $1.96, indicating a strong bullish sentiment in the market. This surge is part of a broader crypto market rally, with the overall crypto market capitalization surpassing $3.3 trillion, up 3.8% in the last 24 hours.

The crypto market is also buzzing with anticipation following President-elect Donald Trump‘s plans to establish a “Crypto Advisory Council.” This council is expected to oversee crypto policy, collaborate with Congress on legislation, and work towards creating a Strategic Bitcoin Reserve. These developments are seen as positive for the crypto sector, contributing to the recent price increases in various cryptocurrencies, including Ethereum, Solana, and Cardano.

Analysts and investors are speculating about the potential for an altcoin season, with XRP at the forefront. Some predictions suggest that XRP could kick-start this altcoin season, potentially reaching prices up to $10 by 2025. However, these predictions are based on current market trends and regulatory developments, and the crypto market is known for its volatility.