Why Is Ripple’s (XRP) Price Up 13% Daily to Monthly High?

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TL:DR;

  • While the entire crypto market is well in the green today, some alts, such as XRP, are performing a lot better than many of its rivals.
  • Perhaps a few of the reasons behind Ripple’s surge could be attributed to the recent whale activity, as well as upcoming developments on the legal front against the SEC.

In contrast to the general trend of the market over the last few days, Ripple’s native token has shown remarkable resilience and even experienced a significant surge, reaching above $2.5 on Saturday night, while most other assets remained relatively stable.

On Monday’s downturn, when Bitcoin plunged below my $90,000 investment and Ethereum sank beneath $3,000 to hit multi-month lows, XRP seemed to handle the correction more gracefully, dipping a relatively mild 9% to land at $2.33.

After that point, however, the third-largest cryptocurrency has been gaining momentum and surpassed its larger counterparts with a notable difference. In just under a day, XRP rose from its previous low to reach $2.67, marking a 15% increase. This price peak was not seen for almost a month.

Today’s significant increase in the value of the asset can largely be attributed to the recovery of the broader market. Yet, it’s worth noting that its outstanding performance, surpassing Bitcoin, Ethereum, and several other cryptocurrencies, suggests additional factors at play.

For example, it’s been noticed that whales (large investors) have been quite vigorous in amassing XRP tokens. In fact, as recently disclosed just last week, they managed to obtain more than a billion XRP in a single span of 48 hours.

In the coming days, we anticipate a shift in the ongoing court case involving the company and the SEC, as they must submit their opening arguments within the next 24 hours. Furthermore, it’s expected that the SEC will experience a leadership change within the following week, with Gary Gensler stepping down and his successor being known for holding favorable views towards cryptocurrency.

In terms of partnerships, there’s buzz around Ripple potentially teaming up with Cardano. The founder of Cardano hinted that both parties are currently in active discussions. While specifics remain scant, it’s been suggested that Ripple’s stablecoin (RLUSD) could soon become available on the Cardano blockchain.

 

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2025-01-14 20:58