XRP reaches an all-time high of $3.39, surpassing its 2018 peak for the first time in nearly seven years. Ripple’s altcoin has gained over 15% today and 40% in January so far.
XRP’s market cap is also nearly $193 billion, and it is currently the third-largest cryptocurrency, overtaking Tether, Solana, BNB, and many more.
XRP All-Time High is not $3.84
The commonly cited XRP all-time high of $3.84 is considered misleading. In fact, it’s around $3.30 to $3.40. Ripple’s CTO, David Schwartz, has clarified that when accounting for these factors.
Even though platforms like CoinMarketCap show XRP’s all-time high at $3.84, the altcoin was never available to buy or sell at this price.
“That is often reported as the all-time high, but you could not actually sell XRP for $3.84 nor did you have to pay $3.84 to buy it. That number included inflated amounts due to the use of “official” currency exchange rates for Korean exchange rates,” wrote Ripple’s CTO David “JoelKatz” Schwartz.
This misconception is due to the “Kimchi Premium.” It’s a phenomenon where crypto prices in South Korean markets trade at a significant premium compared to global markets.
This discrepancy arises from capital controls and market inefficiencies within South Korea, leading to inflated local prices. When these higher prices are factored into global averages without adjustment, they can artificially elevate the perceived all-time high.
“XRP Just hit new all time high of $3.38 after consolidating for 7 years. This is a massive breakout, $5-$10 targets are now open. This is a start of the altseason,” wrote influencer Ash Crypto.
