XRP Price Surge: Legal Developments and Whale Accumulation Drive Rally
XRP has experienced a significant price surge, reaching levels not seen since 2018, fueled by a combination of factors including positive developments in its ongoing legal battle with the SEC and substantial accumulation by large-scale investors, known as 'whales'.
Several media outlets report a sharp increase in XRP's price, with Decrypt noting a 15% jump in the last 24 hours, pushing it to a multi-year high. This rise coincided with increased trading volumes on the XRP Ledger, including a surge in meme coin prices. Coinspeaker further confirms the breakout, stating XRP has surpassed the $3 mark, achieving a 14.45% gain and a $168 billion market valuation. The Crypto Basic echoes this, highlighting that after years of anticipation, XRP finally broke the $3 ceiling.
The driving force behind this rally appears to be rooted in optimism surrounding the SEC vs. Ripple case. Barron's reported that crypto investors are speculating on a positive outcome of the case to be the catalyst for the price increase. Finance Magnates reports, adding that analysts are predicting soaring prices due to the legal victories and market dynamics. Analyst Peter Brandt has even declared XRP as “leader of the pack,” suggesting it’s a cryptocurrency to keep a close watch on.
Beyond legal speculation, the accumulation of XRP by 'whales' is playing a critical role. TipRanks reported that Santiment, a crypto analysis firm, has attributed the bullish momentum to enormous accumulation by whales holding between 1 million and 10 million XRP tokens since November 12th. This demonstrates strong institutional confidence in XRP's future potential.
While Coinbase noted investigating an issue with delayed XRP sends, the news has had a minimal impact on the overall positive trend. While Motley Fool suggests XRP's market valuation appears out of sync with the value of its potential, the current sentiment is overwhelmingly bullish for XRP.