Price nears 2018 all-time highs — TradingView News

XRP, Ripple’s token, is showing bullish momentum in both its technical and fundamental aspects. This trend reflects a positive policy change under the new US administration, and XRP may be on the verge of a historic breakthrough.

At press time, XRP was trading at $3.23. Although the price reflects a 2% decline in the past day, XRP has risen more than 40% in the past week. The cryptocurrency ranks third on CoinMarketCap, and is now valued at more than $186 billion.

If history repeats itself, XRP could make significant gains and possibly reach unprecedented levels. Interestingly, the token is close to its all-time high in January 2018 at $3.40.

Rally speculation

Donald Trump’s presidency has revived hope in the cryptocurrency industry, especially XRP. Since Trump won the election, the value of XRP has risen by more than 300%, outpacing most major cryptocurrencies.

XRP monthly chart, source: TradingView

The expectation of a more favorable regulatory environment, including the expected departure of SEC Chairman Gary Gensler, is the main driver behind this rally. In addition, there is positive sentiment in the cryptocurrency market.

Additionally, Ripple CEO Monica Long hinted that an XRP exchange-traded fund (ETF) could be on the horizon, as asset managers like Bitwise and WisdomTree seek SEC approval under new management. XRP’s popularity aligns with market speculation that the Trump administration may prioritize US-founded cryptocurrencies like XRP in its strategic initiatives.

Despite the optimism, XRP faces critical resistance at $3.40, its all-time high. As technical and fundamental factors align, the token may soon break its previous records, confirming its position as a dominant player in the cryptocurrency scene.

Ripple’s native cryptocurrency, XRP, has soared to new heights, matching its 2018 all-time high of $3.4. This impressive rally represents an important milestone in the token’s history, driven by a rise in high-value transactions and an expanding holder base. XRP is ranked third on CoinMarketCap

Growth in user base

One of the main factors behind XRP’s recent rise is the surge in high value transactions. According to analytics firm Santiment, XRP recorded 2,365 transactions exceeding $100,000 during an eight-hour period, a record high since early December.

In addition to whale activity, XRP has seen significant growth in its holder base. Over the past two months, more than 500,000 new wallets containing XRP have been added to the network.