KEY POINTS
- $XRP was the only Top 10 coin that logged a two-digit increase in the last day
- Ethereum slumped, while Bitcoin only saw 0.3% in gains
- The XRP Army has seen much engagement since the US elections
XRP, the native cryptocurrency of the XRP Ledger, was the top gainer during Thanksgiving Day, being the only digital coin on CoinGecko's Top 10 to see a double-digit spike in the last 24 hours.
Data from CoinGecko showed that among the world's largest coins by market cap, XRP saw a 10.0% surge during Thanksgiving, followed by Cardano (ADA), which saw a 6.0% spike.
$XRP Beats the Odds
XRP, once the world's second-largest crypto asset and only trailing behind all-time leader Bitcoin, outperformed BTC on Thanksgiving as the world's top digital asset only saw 0.3% gains in the last day.
The altcoin's huge Thanksgiving performance undoubtedly overcame what was known as the "Thanksgiving Day Massacre" in 2020, when Bitcoin crashed, dragging other cryptocurrencies along with it.
Aside from outperforming Bitcoin, XRP also beat out Ethereum (ETH), Solana (SOL), and Binance's BNB in the past day, cementing its place in the history of Thanksgiving performances.
#XRPArmy Celebrates with Gratitude
XRP has been on a wild ride in the past month, considerably after the altcoin hit $1 once more and gradually climbed higher amid sustained optimism over U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler's exit announcement.
Many XRP Army members shared their Thanksgiving tweets on X Thursday, expecting that the digital asset will "go parabolic" moving forward. Memes filled up the XRP community, and some prominent figures joined in the fun, including long-time investor Armando Pantoja, who greeted the community with a Happy Thanksgiving.
Why is $XRP Pumping?
Engagement from the community may be contributing to XRP's steady surge, but many analysts point to broader crypto industry optimism over the anticipated changes that the Donald Trump government will bring to the SEC.
Ripple, which oversees the development of the XRP Ledger, has been in a four-year legal scuffle with the Wall Street regulator after the SEC sued the fintech firm for its alleged sales of securities, that is, XRP tokens.
After Trump won, Bitcoin and other major digital coins skyrocketed, XRP included. However, the token's true glory came after Gensler announced last week that he would step down from the chairmanship on Inauguration Day.
A few days after the 2024 U.S. elections, Ripple CEO Brad Garlinghouse thanked the XRP community for their "patience and unwavering support" throughout the company's legal battle with the SEC.
He said that after the administration change, XRP holders will "finally" see a light at the end of the tunnel as "external" market factors affecting the token's price fade. As of early Friday, the coin is trading above $1.60.
It remains to be seen whether XRP will be able to retain its momentum throughout December, but the community expects a new all-time high after years of waiting for a breakthrough.
