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

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

XRP ended 2024 with a spectacular surge, reaching over $2 for the first time in years after spending most of the year below $0.72 per coin. From January to December, XRP’s price skyrocketed by more than 236%, marking a significant chapter in its journey. As we enter 2025, XRP now stands as the fourth largest cryptocurrency by market cap, with a valuation of $121 billion.

XRP's Wild Ride Through 2024's Crypto Economy Boom

At the start of 2024, XRP was trading at just $0.63—81% lower than its 2018 peak of $3.40. The first part of the year saw little movement, with XRP hitting a high of only $0.72 in March. However, a dramatic shift occurred in November when the announcement of Donald Trump’s election as the 47th U.S. president triggered a surge in XRP’s price. By December, XRP soared to $2.72, and as 2025 began, it was trading between $2.12 and $2.14, a 5.5% increase in the past day. Despite this impressive rally, XRP remains 37.3% below its all-time high from 2018.

From $0.0027 to $2.12: XRP's Incredible Growth

The numbers behind XRP’s rise are truly astounding. If an investor had bought XRP back on May 22, 2014, at just $0.002686, their investment would have grown by an eye-watering 79,207% at the current price of $2.12. In 2024, XRP also saw a jump in its market ranking, moving from sixth place with a market cap of $34.11 billion at the start of the year to fourth place by December with a $121 billion valuation.

Key Factors Driving XRP's 2024 Success

XRP’s 2024 surge can be attributed to a combination of factors. The debut of its stablecoin, RLUSD, played a key role. With 72.26 million RLUSD tokens now in circulation, it has already reached the top 30 stablecoins by market cap. Additionally, Trump’s election provided an unexpected boost, especially with the anticipation of regulatory changes under his administration. Many crypto enthusiasts believe these changes will foster innovation and reduce restrictions on businesses, creating a favorable environment for XRP. The departure of Gary Gensler from the SEC and the appointment of Paul Atkins as chair also raised hopes for XRP’s regulatory future.

In South Korea, XRP remains a strong favorite among crypto traders, consistently leading in trading volumes on major platforms like Upbit and Bithumb. Over the past two days, 25% of all XRP trades were paired with the South Korean won, underscoring XRP’s prominent role in the region.

The Road Ahead for XRP

As XRP continues to build momentum, its growth prospects remain promising. The introduction of its new stablecoin and the shifting political landscape could fuel further advances, particularly in markets like South Korea. However, challenges remain. The unpredictability of the crypto market and potential regulatory hurdles could slow its progress. Despite the recent surge, XRP’s price has shown signs of a slight decline since December 1, 2024, and its future trajectory will depend on how it navigates these challenges and whether it can maintain its newfound momentum in the coming months.