Why Is Ripple’s (XRP) Price Up Today?

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TL:DR;

  • While most of the crypto market sits either deep in the red, as the case with SUI, or with insignificant gains, such as BNB and DOGE, Ripple’s native token has gone on a tear.
  • But what’s behind this rally to a new multi-week peak of just over $2.5?

Looking at the graph, it’s clear that Ripple’s native cross-border token experienced a significant drop toward the end of December. Starting at roughly $2.7 shortly after the launch of their stablecoin, it fell to a monthly minimum of about $1.96.

Over the subsequent weeks, I witnessed significant fluctuations, with a plunge to nearly $2 on December 30 being one of them. However, it demonstrated resilience, recouping most of its losses and even peaking at $2.5 on January 4, 2025.

After another broad market decline, Bitcoin dropped to a 7-week low, whereas Ripple (XRP) experienced a less intense dip of around 15%, settling at approximately $2.2.

A few days past, it began its upward trend, and just now, it reached above $2.5 – the highest price point in almost a month, since December 18th.

Meanwhile, Bitcoin has a tough time staying above $94,000, as compared to other alternative cryptocurrencies that are moving slowly over the daily period.

The primary cause appears to be the heightened level of whale activity observed recently. As CryptoPotato previously reported, these XRP whales have moved over $2 billion in just two days, acquiring more than a billion tokens. This represents a significant shift in supply for the asset.

Concurrently, analysts remain optimistic about XRP, foreseeing significant price hikes and potentially reaching new peak values. This is particularly likely if XRP manages to hold onto its $2.32 support level and surpasses $2.5 in the process.

As a researcher studying the XRP market, I observe that its price continues to find support, with an emerging upswing in momentum. To maintain this local uptrend, it’s crucial for the price to stay above the $2.32 mark. The upcoming resistance levels are at $2.50 and $2.72. A breach of the $2.50 level is essential because if it happens, the chart context could potentially shift.

— More Crypto Online (@Morecryptoonl) January 11, 2025

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2025-01-11 23:12