TL:DR;
- The US CPI data has positively impacted the overall crypto market, but Ripple’s native token is on the run again, tapping a new multi-year peak.
- This comes amid growing adoption for the underlying network, as well as whales going on an accumulation spree.
At the start of the new year in 2025, XRP found itself trading at approximately $2.1, having plummeted due to the market crash towards the end of the previous year, dropping below $2. However, it soon rebounded in the ensuing days and attempted to breach $2.5 on multiple occasions, but ultimately failed.
According to reports from Monday, the value of the asset plummeted significantly to $2.33, yet its fall was noticeably milder than other market sectors.
After that point, XRP has experienced significant growth, soaring beyond multiple resistance points. Earlier today, the value peaked at $2.9, setting a fresh 7-year peak, and later shattered this level just a few hours after. Moments ago, it spiked again, reaching $3 for the first time since January 2018.
Looking ahead, the next significant milestone is the previous record of $3.4 (as indicated by CoinGecko), which was reached in the past. This surge follows a period of large-scale whale acquisitions, and there may be additional factors contributing to it, as we have previously explored.
crypto analyst Ali Martinez highlighted an expanding aspect of the Ripple system. He pointed out that there were 341 large transactions worth more than $1 million within the last 24 hours, marking a significant rise compared to recent days.
There’s been a growing trend in million-dollar transactions on the XRP network, with a total of 341 such transactions recorded over the last day, according to data provided by @santimentfeed.
— Ali (@ali_charts) January 15, 2025
As an analyst, I’d like to draw attention to the fact that XRP experienced a notable surge in value shortly after the release of the latest US Consumer Price Index (CPI) figures. The overall market responded positively, with Bitcoin regaining the $99,000 mark, but it was XRP that stood out once more, demonstrating exceptional performance.
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2025-01-15 18:40