A perfect start to a Monday morning! XRP has surged above $2 and is speculated to reach a new all-time high of $5. At the time of writing, the token is trading at $2.40, witnessing a spike of 26.77% over the past 24 hours. Also, its trading volume increased by 79.33% in the past 24 hours.
Several crypto analysts speculated that the surge is due to Gary Gensler’s early retirement. Since 2020, Ripple Labs has been in constant fight with the U.S. Securities and Exchange Commission (SEC) and had several lawsuits tied to their name due to token identity. Despite the court ruling, the regulatory body held its stance that XRP was a security. However, things changed after Donald Trump was elected as the President. With his entry, Gensler announced of stepping down from his position as the SEC Chair.
With this move, XRP has steadily risen in the market. On Friday, XRP overtook Binance Coin (BNB) and became the fifth-largest crypto by market capitalization. With a market cap of $96B, XRP’s next target was Solana (SOL). Following this, on Saturday, XRP achieved its $100B in market cap and crossed SOL in crypto rankings. With these developments, XRP is expected to reach $5 shortly.
On the market front, the global crypto market cap reached $3.6 trillion amid Bitcoin (BTC) and altcoins rally. XRP, Dogecoin (DOGE), and Cardano (ARD) were among the top players. With the Fear and Greed Index at 84, the market sentiment indicated extreme greed among investors. With BTC inching toward $100K, financial expert Robert Kiyosaki stated in his X post that “the rich will get richer.” He implied that after attaining the target, it will be tough for the middle and lower earners to invest in the market.
What is Crypto Arbitrage Trading, and How Does it Work?Following an uptick over the weekend, DOGE’s price cycle has raised concern in the community. According to market observers, if the price spikes, the meme coin will soon experience a major dip, like in 2017 and 2020. This is due to several factors, like the meme coin’s trading volume and a dip in whale activity. This implies that the upcoming days will be crucial for the meme coin’s..
Over the weekend, the non-fungible tokens (NFTs) sales declined by 1.6% to $146.5 million. However, the NFT sales of BTC and Ethereum (ETH) surged. While the former grew by 6.58%, the latter rose by 2.87% and remained a strong performer in the NFT space. With emerging technologies, AI-enhanced NFTs are gaining popularity, offering a personalized and interactive experience.
With an increasing demand for crypto adoption, several countries, like Germany, El Salvador, Malta, Singapore, Switzerland, Canada, etc, have imposed new regulations for fostering innovation and growth in the digital assets industry. Following this move, Russia enters the crypto race, setting a personal income tax on transactions at 13-15%. Further, the value-added tax (VAT) from mining crypto will be removed to attract investors.
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Despite several developments, the crypto community was left in disbelief after reports surfaced stating a partial breach on the Genesis wallet. Believed to be the origin of Bitcoin, the wallet was compromised, and about 50 BTC were moved to an unknown address. However, ADA’s founder, Charles Hoskinson, stated that the news was fake and pointed out that a partial keyset doesn’t necessarily correspond to a specific wallet. Further, with the phishing attack, the crypto community raised concern over the protection levels for BTC. However, despite the attack, the mystery of Satoshi Nakamoto still remains elusive.
