3 Possible Reasons Behind XRP’s 350% Monthly Surge to $2.5
The post 3 Possible Reasons Behind XRP’s 350% Monthly Surge to $2.5 appeared on BitcoinEthereumNews.com.
TL:DR; XRP has gone on a tear in the past month, surging by about 350% and reaching a multi-year peak of nearly $2.5. Here are some of the possible reasons behind this mindblowing rally that made Ripple’s token the third-largest earlier today. Whale Accumulation It’s safe to say that Ripple’s native cross-border token has stolen the show after the US presidential elections. Despite its sluggish start, XRP went on a roll that pushed its price from about $0.6 to $2.5 earlier today, which became its highest level since January 2018. Brad Garlinghouse, the CEO of the company behind the asset, explained earlier that US-based crypto companies have benefited the most from Trump’s victory due to the Democrats’ hostile stance against the industry. This theory has only been proven right since then, with XRP charting nothing but impressive gains. Within this past month or so, whales have been particularly active in accumulating the token. Their cumulative stash tapped a 6-year high recently amid reports that they have been buying from retail investors who rushed to secure profits. More recent data from Santiment revealed that large XRP wallets holding between 1M and 10M had purchased over 679 million coins in just three weeks. Additionally, non-empty addresses have gone above 5.5 million for the first time ever. Both of these are highly bullish factors for the underlying asset. XRP has skyrocketed to an astounding $2.49 market value for the first time since January 8, 2018. The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks. Also, total non-empty XRP wallets have… pic.twitter.com/bIsfOqdCQX — Santiment (@santimentfeed) December 2, 2024 Upcoming Stablecoin Launch Amid its four-year-long legal tussle against the US SEC, Ripple announced plans earlier this year to launch a stablecoin, which…
Filed under: News - @ December 2, 2024 9:22 am