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The Ripple-affiliated XRP cryptocurrency has just hit new record highs on various spot cryptocurrency exchanges.
It took the controversial token seven years to finally surpass the seemingly unbeatable all-time high that was recorded at the height of the crypto frenzy in early 2018. Back then, CNBC infamously aired a live click-by-click tutorial on how to "buy Ripple" on the Poloniex exchange.
XRP went on to experience an extremely brutal 91% correction in 2018.
It then came close to dropping out of the CoinMarketCap top 10 in late 2020 after Ripple was sued by the SEC.
However, XRP ended up emerging victorious, with the court determining that secondary sales of the token did not constitute securities offerings.
Alex DovbnyaEarlier this Thursday, the token surged to a lifetime peak of $3.38 on the Kraken exchange.
XRP has now soared by more than 30% over the past four days alone, vastly outperforming other major cryptocurrencies.
The third-largest cryptocurrency is up more than 6% over the past 24 hours following a New York Post article stating that the U.S. might create a strategic reserve of American cryptocurrencies of the likes of Solana and XRP. While the idea might sound far-fetched, it nevertheless helped to propel the token to a new record peak.
XRP bulls appear to be unbothered by the SEC's appeal since Ripple seems to be confident that the case will be dropped following the departure of SEC Chair Gary Gensler.
The cryptocurrency might be next in line to get its own cryptocurrency ETF in the U.S., with JPMorgan forecasting that the product could attract roughly $8 billion worth of inflows.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Denys Serhiichuk
Vladislav Sopov
Dan Burgin