How XRP Soared 236% in 2024 to Become the 4th Largest Crypto by Market Cap

The digital asset XRP wrapped up 2024 on a high note, climbing above $2 for the first time in years after spending much of the year under $0.72 per coin. Since early Jan., XRP has jumped by more than 236% against the greenback.

From $0.63 to $2.12: XRP’s Wild Ride Through 2024’s Crypto Economy Boom

Throughout the past 12 months, the crypto economy expanded significantly, and XRP’s ascent became one of the year’s standout stories. In the first week of 2024, XRP traded at $0.63, a staggering 81% lower than its January 2018 peak of $3.40. For the first ten months of the year, XRP barely moved, with its highest point at $0.72 on Mar. 10.

Fast forward to Nov., and the narrative had shifted dramatically. By the second week, following Donald Trump’s election as the 47th U.S. president, XRP soared to $2.72 on Dec. 1. As the calendar flips to 2025, XRP now trades at $2.12 to $2.14, up 5.5% in the past day. Despite the Q4 2024 surge, XRP remains 37.3% below its all-time high from 2018.

Now, here’s where the math gets jaw-dropping: If someone had bought XRP back on May 22, 2014, at $0.002686, their investment at today’s $2.12 price would have skyrocketed by an astonishing 79,207%. XRP also made gains in market ranking in 2024, moving from sixth place at the start of the year with a $34.11 billion market cap to fourth place by year’s end, boasting a $121 billion valuation.

XRP’s rise can be attributed to several factors, including the debut of its stablecoin, RLUSD. With 72.26 million RLUSD tokens in circulation, it has climbed into the top 30 stablecoins by market cap. Trump’s election also brought an unexpected boost to XRP’s value, even though Ripple executives donated millions to Kamala Harris’s campaign.

Crypto enthusiasts anticipate regulatory changes under the Trump administration that favor innovation and ease restrictions on businesses. Many believe XRP will benefit from this climate, with former U.S. Securities and Exchange Commission Chair Gary Gensler stepping aside for Trump’s appointee, Paul Atkins.

In South Korea, XRP remains a crowd favorite, leading trading volumes on Upbit and Bithumb. Over the past two days, 25% of all XRP trades have been paired with the South Korean won, further highlighting the token’s strong foothold in the region. XRP’s dramatic rise in 2024 signals the potential for continued growth, especially as it navigates an evolving regulatory landscape.

As the digital asset gains momentum in global markets, its new stablecoin and shifting political climate could fuel further advancements, particularly in regions like South Korea, where XRP maintains strong trading volumes.

On the other hand, while XRP’s growth trajectory shows promise, it remains to be seen whether the token can sustain its momentum. Despite recent gains, the crypto market’s unpredictability and potential regulatory hurdles could hinder further progress. Since Dec. 1, XRP’s price has been sliding downward. The token’s future hinges on its ability to tackle these challenges head-on and whether its recent climb turns into a sustainable momentum.

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