XRP, one of the most popular cryptocurrencies, has surged to $2.50, marking its highest level in eight years. The recent rally helped XRP leapfrog over Solana (SOL) and Tether (USDT) to become the third-largest cryptocurrency by market capitalization, now sitting at a massive $136 billion. This incredible performance in November, which saw a 364% rise in value, has reignited conversations about XRP’s potential to reach new all-time highs and the possibility of an XRP-focused exchange-traded fund (ETF).

What’s Behind XRP’s Explosive Growth?

This price surge reflects a massive shift in sentiment around XRP. After years of price stagnation, the cryptocurrency finally broke out of its prolonged slump, gaining momentum with a dramatic move that many traders describe as historic.

Veteran market analyst Peter Brandt pointed out the breakout pattern, calling it a “flag-and-pole formation,” a bullish technical signal that suggests more gains could be on the way. Over the past week alone, XRP gained over 75%, outshining other major cryptocurrencies like Ethereum and Bitcoin.

Growing Calls for an XRP ETF

As XRP’s price and market cap soar, industry insiders are advocating for the approval of a spot XRP ETF. Major firms such as Bitwise, Canary, and 21Shares have already submitted applications for XRP ETFs, hoping to capitalize on the growing demand for investment products tied to the digital asset.

Nate Geraci, a prominent voice in the crypto investment space, believes more issuers will join the race as XRP’s popularity among institutional and retail investors continues to rise. Jeremy Hogan, a pro-XRP lawyer, predicts that a spot ETF could gain regulatory approval by mid-2025, potentially unlocking even greater market potential for the cryptocurrency.

The Numbers Speak for Themselves

XRP’s current performance highlights its dominance in the crypto space. As of now, the token is trading at $2.50, with data from Coinglass revealing a sharp increase in open interest, which has risen to $4.21 billion. Over $53 million in positions were liquidated in the past 24 hours, with traders caught off-guard by the rapid price movement.

Market experts anticipate that XRP could soon break past its all-time high of $3.84, set in 2018, and potentially hit $4.3 in the coming weeks.

A Glimpse into XRP’s History

XRP’s resurgence is a reminder of its past dominance in the crypto world. Once the second-largest cryptocurrency by market cap, XRP lost its position to Ethereum in 2018 after regulatory uncertainty and a major lawsuit by the U.S. Securities and Exchange Commission (SEC) against Ripple, the company behind XRP.

The lawsuit alleged that XRP was sold as an unregistered security, which caused its price to drop from $0.50 to $0.17 in December 2020. For years, XRP struggled to recover, often ranking seventh or lower among cryptocurrencies by market cap.

However, the recent rally has brought XRP back into the spotlight, with analysts and legal experts like John Deaton highlighting its significant utility for cross-border payments and financial settlements.

What Lies Ahead for XRP?

The future looks promising for XRP, with growing institutional interest and renewed optimism among retail investors. If a spot XRP ETF gains approval, it could attract significant capital inflows, solidifying the token’s position as a market leader.

Additionally, the ongoing adoption of the XRP Ledger for fast and cost-effective cross-border transactions is likely to boost its long-term value. Analysts predict that if current trends continue, XRP could exceed its all-time high and push toward $4.3 or higher by the end of the year.

While risks remain—particularly around regulatory clarity—XRP’s recent achievements suggest it is well-equipped to overcome challenges and regain its status as one of the most influential cryptocurrencies in the world.