XRP Price Surge Reflecting a 4.9% decline over the last day, XRP, the native cryptocurrency of the XRP Ledger (XRPL), was valued at $2.54 per coin on Tuesday, December 3. Despite this downturn, XRP has shown a fantastic performance; this week, it gained 81% and jumped 354.62% over the past three months.
XRP and the XRP Ledger
Initially introduced in 2012 by Chris Larsen and Jed McCaleb, XRP was first connected to the Ripple payment system. It changed duoverime to become the distributed ledger platform XRP Ledger (XRPL). Being among the first cryptocurrencies, XRP is still vital in the crypto scene. Following tether (USDT) and bitcoin (BTC), it routinely ranks as the third most traded cryptocurrency asset this week.
Using an original consensus algorithm—the XRP Ledger Consensus Protocol—sets the XRP Ledger apart. XRPL’s transactions are certified by a network of independent validators that reach consensus every three to five seconds—no mining is involved, unlike proof-of-work (PoW) or proof-of-stake (PoS) systems.
Key Drivers Behind XRP’s Recent Surge
Three main reasons explain XRP’s recent surge: institutional interest, excitement about possible legal results with the incoming Trump administration, and its entry into a positive market phase. These factors have driven XRP’s value and market capitalization, ensuring its third-largest ranking among cryptocurrencies.
With a market capitalization of $145 billion, XRP’s value dropped somewhat Tuesday afternoon following a 4.9% decline. Its total diluted value is $255.62 billion. XRP observed $45.61 billion in global trading activity during the past 24 hours; the Upbit exchange of South Korea alone accounted for $26.73 billion. At $7.61 billion, XRP accounted for the highest traded asset on the marketplace during that period.
XRP’s Surge and South Korean Influence
After tether (USDT), the South Korean won ranks second globally among XRP pairs traded worldwide. Driven by institutional interest and legal uncertainty, the recent price swings have underlined the speculative character of its surge. Though it is still 25% off its all-time high of $3.40 per coin, hit on Jan. 7, 2018, XRP now accounts for 4.15% of the $3.51 trillion crypto market economy. You would still be down 25% even if you bought XRP at that peak seven years ago.
XRP’s trading volumes and market capitalization point to increased activity; however, concerns regarding its long-term viability remain unresolved. Are these gains supported by only transient market mood or by sustainable elements? The intense concentration of trading on South Korea’s Upbit emphasizes how dependent XRP is on the dynamics of regional markets. This localized activity could imply either substantial interest in South Korea or speculative momentum, allowing different interpretations of the future direction of XRP Price Surge.
