XRP Nears ATH Levels: Just 17% Away Amid Whale Accumulation and SEC Resistance

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Today, XRP, one of the leading digital assets among the top 50 by market capitalization, surged over 13%. This impressive growth led to a peak price of $2.87 for this cross-border payment token during Asian trading hours on Wednesday morning.

In simpler terms, XRP’s value has almost reached the highest point in this cycle, nearly equaling a 7-year record, and currently sits about 17% below its maximum ever recorded value, after experiencing a minor dip to approximately $2.80 as of now.

In the last two weeks, XRP has seen a surge of approximately 33%, whereas most other alternative cryptocurrencies have experienced losses.

XRP Whales Accumulating

Back on January 15th, I took note of a significant development as reported by Santiment – an ongoing massive accumulation of XRP by wallets containing between one million and ten million units. This accumulation appears to be the driving force behind the recent movement in the crypto market.

In the past two months, these whales have acquired around 37% more XRP than they previously held. This represents an additional roughly $3.8 billion worth of XRP that has been accumulated since they started buying on November 12th.

Investors of XRP are happy to witness the third largest cryptocurrency by market cap reach $2.69 today for the first time since December 17, 2024. This upward trend is being sustained by massive accumulation from wallets containing between 1 million and 10 million XRP, which now hold over 37% more coins than they did two months ago.

— Santiment (@santimentfeed) January 14, 2025

As an analyst, I’ve noted a surge in optimistic sentiment regarding the potential application of the asset within the banking and financial sectors, as per my previous analysis posted on X on January 15th, where Santiment expressed this very point.

Experts anticipate considerable price hikes and expansion of the market value for XRP, along with buzz about possible ETF endorsements that might attract massive investments in XRP.

The current market value of XRP stands at approximately $160 billion, positioning it as the third most valuable cryptocurrency in existence. However, it’s important to note that it lags significantly behind both Ethereum and Bitcoin in terms of value.

Contrarily, the Securities and Exchange Commission decided not to delay the submission of their brief in the ongoing appeal case involving the fintech company.

Stuart Alderoty, Ripple‘s chief legal officer, stated that it is an unnecessary use of resources and taxpayers’ money as Gary Gensler’s fight against cryptocurrency comes to an end with his resignation next week.

Brad Garlinghouse, CEO of Ripple, agreed and noted that Gensler’s actions align with his consistent approach and unwavering dedication to implementing his “regulation through enforcement strategy,” which he pursued relentlessly until the very end.

Gensler remains true to his brand – showing no concern for the 2024 elections or the American populace – he resolutely carries on with his unsuccessful ‘enforcement-based regulation strategy, pushing it until the very end, despite its failures. #Regretful

— Brad Garlinghouse (@bgarlinghouse) January 14, 2025

Other Altcoins Outperforming

Dogecoin (DOGE) showed strong performance, rising by 5% to reach approximately $0.36. On the other hand, Cardano (ADA) experienced a 6% increase and regained its position above the $1 mark. Additionally, Stellar Lumens (XLM), a relative of Ripple, saw an 8% surge, pushing its value up to around $0.47.

AI-related technologies received a significant boost following a recent forecast by Franklin Templeton, suggesting that AI agents could transform the way content is generated on social media platforms in 2023.

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2025-01-15 10:02