In recent days, Ripple‘s cross-border token stood out among other cryptocurrencies as the market saw a significant comeback. It soared beyond $3 and reached as high as $3.4, equaling its peak value from 2018.
As an analyst, I observe that the asset has yet to break new ground on many trading platforms; however, the increasing network utilization and heightened whale activity indicate a potential for this digital asset to hit new highs as our market cycle progresses.
Network, Holder Growth for XRP
Yesterday, it was reported by CryptoPotato that XRP’s price surge had peaked (so far), surpassing $3 for the first time since January 2018 and reaching a high of $3.4 on many exchanges. This new peak, as stated by CryptoPotato and CoinGecko, is the all-time high (ATH) achieved seven years ago.
According to Santiment’s findings, the daily peak for XRP was nearly $3.39, indicating it was almost 1% from reaching uncharted waters. Possible factors fueling this surge might be a market recovery, positive regulatory outlook under the upcoming Trump administration, accumulation of large amounts by whales, and various other reasons.
Earlier mentioned crypto analysis tool suggested that the increase in XRP’s price was accompanied by a significant surge in large token transactions valued over $100,000. Within just 8 hours, these XRP transactions peaked at 2,365 – the highest number since December 3rd, as confirmed by the company.
In the last two months, the number of XRP wallets with a balance (excluding empty ones) has increased by over half a million. These findings join other encouraging signs in the ongoing growth story of Ripple and its digital currency.
As a crypto investor, I’m thrilled to share that Ripple (XRP) has surpassed its 7-year peak, hitting a market value of $3.39 for the first time since early 2018. This surge has triggered an impressive spike in high-value transactions, with over 2,365 XRP transactions exceeding $100K each within the last 8 hours – a significant increase not seen since late December. Moreover, the number of total holders is rapidly escalating, indicating growing interest and investment in XRP.
— Santiment (@santimentfeed) January 16, 2025
Social Media Attention
Santiment noted that even with Bitcoin returning to six-digit territory and potential growth for a Litecoin ETF on the horizon, it was XRP’s surge that had become the focus of social media conversations.
As an analyst, I’ve observed that Ripple’s widespread influence on global social media platforms is not without connection to the recent appeal by the Securities and Exchange Commission (SEC) in our ongoing legal dispute. The SEC, which filed charges against the company over four years ago, has recently challenged a 2023 court decision concerning the potential classification of XRP as a security. Despite an imminent leadership transition, the agency’s move underscores their commitment to this case.
Debates are intensifying regarding the Securities and Exchange Commission’s lawsuits against Ripple, and how this affects the overall cryptocurrency market. The SEC continues to argue that XRP should be categorized as a security, which has sparked significant interest due to this ongoing legal dispute. As a result, XRP’s market value has risen, mainly driven by increased investor attention and trust, according to Santiment.
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2025-01-17 16:10