On Thursday evening, Ripple’s XRP finally managed to surpass its all-time high (ATH) after seven and a half years without setting a new record. Let’s take a look back at this performance.
Ripple’s XRP breaks its ATH
Seven and a half years: that’s how long it took Ripple’s XRP to reach a new all-time high (ATH). Since January 7, 2018, the asset had repeatedly failed to break through the $3.4 mark.
However, the price of XRP finally managed to break through the glass ceiling, buoyed by a 17.5% rise over the last 24 hours. At the time of writing, it is now trading at $3.62, after setting a new record of $3.65:
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There do not appear to be any factors specific to XRP that could explain this rise in the very short term, although there are some possible explanations for this new ATH.
As we know, Ripple has been fighting a fierce legal battle in the United States against the Securities and Exchange Commission (SEC) for several years, and the hatchet was officially buried at the end of June.
As if to lend credence to this legal respite, three major laws were passed on Thursday evening in the United States, bringing unprecedented regulatory clarity to crypto assets in the country.
In fact, many altcoins are actually performing similarly to XRP, with sharp rises in recent days. In just 24 hours, we have seen an 8.5% increase in ETH, 15.3% in DOGE and 14.1% in ADA.
In any case, thanks to a market capitalization of $214.22 billion, XRP managed to overtake Tether’s USDT during the week to climb to third place in the cryptocurrency rankings.
Now that a new record has been set, it will be interesting to see how far the asset will go.
