XRP Price Up 58% To Outshine Historical January Growth Trend

XRP is on the verge of making history if the price continues on its current bullish path.

The current outlook of XRP has stirred a surge in its price, which has been up 58% since the start of January.

Data from Cryptorank shows that XRP surpassed the average historical growth in January with its latest record.

XRP Historical Price Action in January

Since the past eleven years, the price of XRP has shown more declines than uptrends in January.

In January 2017, 2018, and 2019, XRP’s price dropped 2.3%, 49.4%, and 12.4%, respectively. The coin soon picked up in January 2020 with a 26% increase.

Currently, XRP is up 58% thus far, outpacing December gains of 6.94%. This January’s gain is historic as it comes off as the best for the digital asset since 2021, when it ended 121.1% higher.

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After the 2021 close, XRP ended January 2022 with a 25.6% decline, indicating a bad growth month for the coin.

XRP recovered in January 2023, recording a surge of 20.1%. However, the coin quickly declined by 18.3% in January 2024.

Recent market trends and technical analysis indicate that XRP has what it takes to continue its bullish push.

The coin has continued to be bullish since Donald Trump’s victory in the November election. The Cryptorank data revealed that XRP increased by 281.7% in November.

Current State of the XRP Market

XRP recently broke above the $3 mark and is currently on the move to see new record highs.

As of this writing, the XRP price has jumped 1.49%, and the trade is $3.161. The 24-hour trading volume increased by 88% to $21.49 billion.

The latest surge pushed the market capitalization to over $190 billion at its peak. As a result, XRP is now trading as the third-largest cryptocurrency by market cap.

Technical indicators show XRP becoming overbought, with the Relative Strength Index (RSI) near 70. XRP’s ability to recover and continue expanding demonstrates market confidence in its future trajectory.

Traders see the optimistic signs as part of a larger story, a cryptocurrency gaining strength amid a broader market recovery.

XRP Catalysts to Watch – RLUSD, ETF, RWA

The ongoing uptrend in XRP’s price can be attributed to key trends associated with Ripple Labs in the past months.

Ripple introduced its US dollar-backed RLUSD stablecoin on major exchanges in December. RLUSD debuted exclusively on Ethereum and Ripple’s XRP Ledger (XRPL).

RLUSD is reportedly equipped with features to effectively compete with Tether (USDT) and Circle’s USDC, the two largest stablecoins.

Within the last 24 hours, RLUSD’s trading volume has increased by over 140% to $346.2 million.

This rally indicates the rapid growth of the stablecoin. Meanwhile, Ripple continues to intensify the rate of the stablecoin supply, recently minting 2,008,333 units of RLUSD.

The rally in XRP also coincides with heightened speculations regarding approvals of exchange-traded Funds (ETFs) in 2025.

JPMorgan analysts have expressed optimism that XRP ETFs could inject between $3 to $8 billion into the asset.

Ripple’s involvement in the real-world asset industry is also key to XRP’s further growth.

In December, Ripple partnered with Archax Exchange and abrdn to expand its RWA tokenization implementation mainstream.