Ripple token reaches 7-year high above $3 as Bitcoin (BTC) price surpasses $100,000

XRPThe native token of the XRP Ledger network, which is closely linked to Ripple, rose to a six-year high on Wednesday as did Bitcoin (Bitcoin) rose to $100,000, with traders encouraged to expect big this morning. US CPI inflation data a report.

The token briefly surpassed $3 during the early US trading session for the first time since early January 2018, before paring gains slightly. Recently trading at $2.95, it was up 11% over the past 24 hours, outperforming Bitcoin (BTC) by 3.6% and advancing the broadly benchmark CoinDesk 20 Index by 6.7% over the same period.

XRP has been among the best-performing tokens, gaining 488% since Donald Trump won the election. It has now become the largest cryptocurrency by market cap behind Bitcoin and Ethereum Ethereum (ETH), regaining its third ranking after Tether’s USDT stablecoin. With a market capitalization of $170 billion, the token is now larger than the asset management giant’s market capitalization Black Rock (Blk).

The gain was driven by expectations of crypto-friendly policies and an overhaul of digital asset regulation in the US, and the SEC and Ripple were on the back foot. legal battle For years more than XRP token sales.

“This rally is driven by a growing number of partnerships, the launch of Ripple’s stablecoin RLUSD, and speculation about a potential spot XRP ETF,” Diego Cardenas, OTC trader and digital asset platform Abra, said in a note shared with CoinDesk. Ripple CEO Monica Long He said In an interview last week, she predicted the ETF would be approved “very soon” as approvals accelerate with the incoming administration.

XRP also broke out of a consolidation pattern that began in early December that CoinDesk Markets Analyst Omkar Godbole male last week, paving the way for the next stage in the token’s rise. Another 15% rise from current prices would mean all-time highs above the January 2018 high of $3.4. However, adjusting for inflation over the years, XRP should surpass $4.24 to reach a new high, Galaxy Research Head Alex Thorne said in a report. Share X.

The accumulation of XRP tokens by major investors over the past two months could also fuel the rally towards new records.

Analytics company Santiment male Which handles holding between 1 million and 10 million tokens, its holdings have increased by 1.4 billion tokens — worth roughly $3.8 billion — since November 12, and have continued to accumulate while prices have consolidated after early December highs.

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