XRP hits record price after 7 years; Will the momentum stay?

After seven long years that rightly felt like an eternity, XRP has experienced an exciting breakthrough, finally hitting it big in the form of an impressive new all-time high (ATH) of $3.65, sparking questions about the causes and further price activity.

Indeed, XRP has broken the record amid a wider optimism in the cryptocurrency market due to rumors of an upcoming exchange-traded fund (ETF), positive news about Ripple’s fight against the United States Securities and Exchange Commission (SEC), and the US House passing a major crypto bill.

Specifically, XRP has hit an ATH of $3.6497 on July 18, at 3:40 AM UTC (or July 17 at 11:40 PM), marking a surge of over 20% from around $3 in a matter of hours and more than 35% from $2.668 since the week’s start. At the moment, it is trading at a slightly lower, yet still impressive $3.47.

Why has XRP climbed to record price?

As it happens, the speedy price increase for XRP arrives amid rumors of a possible XRP futures ETF after NYSE Arca said it had certified the “approval for listing and registration of the ProShares Ultra XRP ETF” or UXRP, according to a letter sent to the SEC dated July 14.

It has also occurred after Ripple co-founder and executive chairman Chris Larsen moved millions of dollars’ worth more of his XRP to crypto exchange Coinbase, and the US House passed crypto-positive legislation, including the Clarity Act, the Genius stablecoin bill, and the Anti-CBDC Surveillance State Act.

And that’s not all. The long-standing SEC vs. Ripple lawsuit seems to be effectively over, with both parties reaching an agreement and the crypto company paying its $125 million fine in cash, removing one of the largest barriers for XRP adoption and investor confidence. 

So, will XRP continue to climb? It might, according to crypto researcher Ripple Van Winkle, who predicts that the token could surge into double-digit territory, “maybe even $14,” provided that Bitcoin (BTC) reaches the $140,000 price level. As the analyst said in an X post:

Meanwhile, XRP breaking its seven-year record is certainly a shock to some naysayers like the crypto trader Xanrox, who just weeks ago emphatically announced in his TradingView analysis that XRP will crash by 72% to a low $0.60 despite the hype around the token.