Ripple’s XRP saw a notable rise this weekend, crossing the $2 mark for the first time in almost seven years.
Data from CryptoSlate shows that XRP peaked at $2.50, its highest price since January 2018, before stabilizing at $2.27 at the time of writing.
Despite this slight pullback, XRP has seen a daily gain of 20%, pushing its weekly gain to 54%. Over the past month, the token’s value has increased by 345%, an impressive fourfold increase.
This rally elevated XRP to fourth among the top cryptocurrencies by market cap, overtaking Solana. XRP’s market cap now stands at $133.9 billion, while Solana remains stuck at $112 billion.
If it maintains its current momentum, XRP’s market cap will surpass that of Tether’s USDT, currently at $134 billion.
South Korean traders’ fuel run
A significant portion of XRP’s recent surge has been attributed to South Korean traders.
Blockchain analytics company Scopescan noted That XRP/KRW trading volume on Upbit, South Korea’s largest exchange, reached $3.8 billion in the past 24 hours, surpassing Bitcoin transactions by 11 times.
On Bithumb, another major South Korean platform, XRP transactions reached $1.2 billion, representing 32% of the exchange’s total volume.
Meanwhile, global platforms such as Binance and OKX reported increased XRP activity, but Bitcoin and Ethereum maintained higher trading volumes.
Ryan Kim, co-founder of Hashed, emphasized the loyalty of the South Korean XRP community. He linked this enthusiasm to early adoption campaigns in the country, suggesting that long-term investors are seeing significant returns.
He declared:
“Ripple Labs sold XRP to Korean Ajummas in 2014 in a Ponzi scheme. It was called ‘Ripple Market Korea.’ There were so many people investing in XRP at that time. They probably made that much money lol. There is a real XRP community in Korea and that is why Koreans buy a lot of XRP.
Other catalysts
Meanwhile, XRP’s rally also coincides with a significant shift in market sentiment, fueled by regulatory optimism and institutional interest.
Market observers noted that newly elected President Donald Trump’s pro-crypto stance and the resignation of Securities and Exchange Commission (SEC) Chairman Gary Gensler have renewed hopes for a favorable outcome in Ripple’s legal battle against the financial supervisor.
Further, the potential adoption of XRP-focused spot ETFs is adding to the excitement. Major players such as 21Shares and Bitwise have filed applications for such products, indicating increased institutional interest. Ripple CEO Brad Garlinghouse believes an XRP ETF is only a matter of time, especially after the SEC approved similar funds for Bitcoin and Ethereum.