The cost of XRP has climbed back up to its record peak ($3.4), igniting optimism among XRP investors. This upward trend can be attributed to positive underlying factors such as President Trump’s openness to incorporating cryptocurrencies like XRP into a digital reserve.
Factors Behind The XRP Rally To Its ATH
According to CoinMarketCap’s data, XRP’s price reached $3.40 yesterday, which marks its highest point ever on certain exchanges such as Binance and Kraken. This significant increase in price can be attributed to multiple reasons, one of them being a report suggesting that President Trump is open to the concept of an exclusive U.S. strategic reserve.
According to Bitcoinist‘s report, the initiative under discussion centers around American-born cryptocurrencies such as XRP, Solana, and USDC. This development could boost their popularity, making them more widely accepted. The announcement has ignited optimism among investors, which seems to have caused the recent increase in XRP’s price.
As a researcher, I’ve observed an interesting trend: Large crypto investors, often referred to as ‘crypto whales’, have been amassing significant amounts of XRP recently. Bitcoinist reported that these investors bought approximately 1.43 billion coins within two months – a substantial figure when considering the impact of such accumulation trends on price discovery. This is evidently what’s driving the current surge in XRP’s price, as we are witnessing firsthand.
It appears the interest in accumulating XRP has increased following the news about a possible crypto reserve involving it. According to CoinMarketData, the coin’s trading activity has significantly increased by 7% over the past day, with approximately $24.18 billion worth of trades happening during this timeframe. This heightened trading activity has also been a key factor in the rise of XRP’s price.
In a recent turn of events, it’s important to note that Ripple‘s legal opponent, the US Securities and Exchange Commission (SEC), has submitted its initial arguments in an appeal regarding their case. Interestingly, this move was viewed as positive for the XRP price, since the SEC didn’t challenge Judge Analisa Torres’ decision that XRP does not fall under the category of a security.
Why The Price Surge Is Likely To Continue
As a crypto investor, I’m optimistic about the future of XRP. From a fundamental standpoint, the imminent presidency of Donald Trump could accelerate the implementation of a crypto reserve, potentially boosting XRP’s value sooner rather than later. The upcoming administration seems favorable towards XRP as there are rumors of pro-crypto Paul Atkins being appointed as the next SEC Chair. This development could further fuel the bullish sentiment surrounding XRP.
It’s anticipated that since Paul Atkin supports cryptocurrencies, he might influence the Commission to abandon its appeal against Ripple when he assumes office. Furthermore, it’s believed that the Commission will probably approve the existing XRP ETF applications during his tenure.
According to a technical analysis viewpoint, several crypto experts are optimistic about the future value of XRP. Specifically, analyst CasiTrades anticipates that XRP could surpass its all-time high (ATH) and climb upwards, potentially reaching prices ranging from $8 to $13.
presently, the value of XRP is approximately $3.34 per unit, representing an increase of more than 7% within the past day, as indicated by information from CoinMarketCap.
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2025-01-17 18:40