XRP’s 2024 Surge: What’s Driving It and Could It Rival Ethereum?

XRP Hits a 6-Year High

It’s been a stellar year for XRP, with the cryptocurrency soaring to US$2.71 (AU$4.38) —its highest point in six years—marking a jaw-dropping 350% gain since the start of 2024. XRP continues to outshine most top cryptos, cementing its place as the third-largest by market cap, overtaking Tether. At US$154 billion, it’s clear XRP’s resurgence has captured the market’s attention.

So, what’s fuelling this momentum? A series of seismic shifts in the crypto world, including political changes in the U.S., the resignation of SEC Chair Gary Gensler, and Ripple’s ongoing legal battles, are tilting the scales. Gensler’s departure seems to have rejuvenated market sentiment, with Ripple emerging as a key beneficiary of this renewed optimism.

Adding to the drama, over $85 million in XRP futures were liquidated in the past 24 hours, with $55 million coming from shorts—bets against XRP. The market’s bullish stance has left sceptics scrambling.

What’s Next for XRP? The RLUSD Stablecoin

Ripple isn’t just riding a wave of price appreciation—it’s on the cusp of launching its RLUSD stablecoin, reportedly nearing approval from New York’s Department of Financial Services. Stablecoins, designed to maintain a 1:1 peg with fiat currencies like the USD, offer stability that XRP itself doesn’t. If Ripple leverages its XRP reserves to back RLUSD, it could significantly reduce circulating XRP supply, driving further scarcity and value.

The potential launch of RLUSD could also expand Ripple’s appeal to businesses seeking a regulated, reliable digital asset—a critical edge in today’s compliance-conscious environment.

Big Players Are Betting Big on XRP

Large investors, or "whales," have been snapping up XRP at a record pace. In just three weeks, wallets holding 1–10 million XRP have accumulated an additional $1.8 billion worth of the token. This kind of activity isn’t just about short-term gains; it signals confidence in XRP’s long-term potential.

Adding to this momentum is the growing number of XRP wallets—now topping 5.5 million active accounts. Whether for payments, trading, or building decentralised apps on the XRPL, Ripple’s ecosystem is expanding rapidly.

XRP ETFs: The Institutional Shift

XRP’s momentum is also seeping into traditional finance. Asset managers like WisdomTree and 21Shares have filed applications for XRP-focused exchange-traded funds (ETFs). If approved, these ETFs could open the floodgates for institutional investors, offering exposure to XRP without the complexities of owning it directly. This kind of validation could be a game-changer for the asset.

Can XRP Rival Ethereum?

The question on everyone’s mind: How high can XRP go? Analysts are throwing out some bold predictions. Fibonacci-based analysis pegs US$5.85 as a key target, while some optimists see XRP climbing as high as $18 or even $24 over the long term. For now, $4.80 seems to be the next critical milestone if the current rally holds.

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