Here’s Why Ripple’s XRP Is Soaring Amid Market-Wide Shakeup ⋆ ZyCrypto
The post Here’s Why Ripple’s XRP Is Soaring Amid Market-Wide Shakeup ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     The crypto market has shown signs of recovery in the last 24 hours with a surge in institutional volume. Bitcoin and altcoins pulled decent gains after an extended period in the woods. XRP, which became an institutional favorite, has led top coins in terms of recovery, igniting optimism for a bull march. At the time of writing, XRP soared 6.5% today, extending weekly gains to 9% and trading above $2.68. XRP’s Institutional Volume Surge In the last 48 hours, large whales have purchased XRP after on-chain factors flipped green. Traders also flagged a decline in exchange volumes as investors set sights on long-term holdings. Moving assets to centralized exchanges weakens sentiments characterized by heightened retail sales, as seen in previous weeks. Anticipation for a spot XRP ETF in the United States is a major institutional yardstick after the success of Bitcoin’s products last year. Recent filings for these products bolstered market sentiments coupled with global developments. The XRP community broke into a frenzy following Hashdex approval to launch the first spot XRP ETF in Brazil—this news and filings from WisdomTree and Canary Capital increased expectations. In Q4, the price of XRP broke $3 for the first time in years, following massive institutional inflow following Donald Trump’s victory in the U.S. Presidential elections. Secondly, XRP price recorded upticks due to a wider market rebound. This month, crypto assets plummeted on the heels of the U.S. government announcing tariffs on Mexico and Canada. Before this, the launch of Chinese AI startup DeepSeek led to huge losses in tech stocks and Bitcoin prices. BTC’s decline below $100k from an all-time high above $109k marked the start of low sentiments in altcoins. Advertisement   In the last 24 hours, altcoin prices have gained momentum and recovered weekly losses. Ethereum price moved…
Filed under: News - @ February 22, 2025 9:14 pm