Ripple’s native token, XRP, has continued its huge climb, seeing a massive 12% surge in one day. The latest rally is suspected to have been fueled by whale actions amid growing optimism around a United States exchange-traded fund (ETF). There has also been optimism surrounding a pro-crypto administration, with United States Securities and Exchange Commission (SEC) Chair Gary Gensler set to step down.
XRP became one of the biggest risers despite Bitcoin hitting the $97,000 mark. The crypto market started a recovery march, despite most altcoins seeing red. The entire crypto market cap is presently at $3.3 trillion, and its trading volume is around $127 billion.
XRP sees 408% rise in 90 days
According to analysis platform Santiment, XRP hit $2.69 on Wednesday morning, a level it saw last in December 2024. The token has been moving close to $2.89, a figure it last saw in 2018. XRP presently boasts a trading volume of $13.4 billion and a market cap of $161 billion. According to the market cap, XRP recently flipped USDT to grab the third spot.
The recent surge has seen XRP outperform Bitcoin, gaining 408% over the last 90 days, with BTC gaining 44%. In addition, the token remains unrelenting, gaining 18% in the past 30 days compared to Bitcoin’s 8% loss. Since November 2024, wallets holding between one million and 10 million XRP have added 1.43 billion XRP to their stash. The group now holds about $3.8 billion worth of XRP, signifying a 37.4% increase.
According to analyst Ali, Whales have added 1.09 billion XRP in the last seven days. He noted that transactions of XRP worth more than $1 million on the network have been on the rise. The number is presently above 341 in the past 24 hours alone.
SEC’s deadline on Ripple lawsuit draws near
Aside from trading, the increase in XRP’s price has been tied to hope in its use cases, including banking, low transaction fees, and cross-border transactions. Meanwhile, whales are projecting a favorable outcome in its case against the SEC, another reason for accumulating.
With the deadline drawing close, the commission will be at the center of attention. It is already likely that the SEC will move forward with its appeal, with a likelihood of a withdrawal. Meanwhile, there has been speculation that the incoming Paul Atkins could be lenient, making a soft approach or outrightly withdrawing the case.