The price of the XRP Token (CRYPTO: XRP) from Ripple has soared over 275% higher in 2024, leaving some investors to question if they missed out on the opportunity to buy the cryptocurrency as it looks to reach new all-time highs.
What Happened: One of the top trending cryptocurrencies in recent weeks is XRP, which has soared to new a yearly high of $2.86 and is up significantly in 2024.
The cryptocurrency is now the third-largest by market capitalization, trailing only Bitcoin and Ethereum.
With XRP ETFs filed and the belief that the new White House administration could be more pro-crypto and pending cases against Ripple could fade away, the cryptocurrency has climbed and many believe it could go higher.
Benzinga recently asked readers if they planned on investing in XRP.
"Do you feel you missed out on XRP, or are you waiting to buy on a pullback?" Benzinga asked.
The results were:
- Not interested in buying XRP: 41%
- Missed out on the opportunity: 28%
- Already bought XRP: 19%
- Planning to buy on a pullback: 12%
The poll shows that many are not interested in investing in XRP or believe they missed out on the crypto's current price rise.
While that may be discouraging to the cryptocurrency, 19% of readers polled said they already bought XRP and another 12% said they are planning on buying the cryptocurrency on any pullbacks.
Why It's Important: The price action could be pinpointed to the anticipation of new leadership at the SEC, a financial institution that has often clashed with Ripple. A new change could see XRP and other cryptos face less or no government resistance moving forward, minimizing risk for investors.
Cryptocurrency experts also told Benzinga that Ripple’s partnerships with financial institutions could be the reason for the increase in cryptocurrency's price. The filing of several XRP ETFs also has investors excited about a potential larger spotlight on the cryptocurrency and more ways for investors to gain exposure.
While XRP has hit new one-year highs of $2.86 last week and the cryptocurrency is up over 280% year-to-date, the price still trails an all-time high of $3.84 set back in January 2018.
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The study was conducted by Benzinga from Dec. 3 through Dec. 4, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 145 adults.
Photo: Shutterstock
