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Why Is Ripple’s (XRP) Price Up 13% Daily to Monthly High?
Ripple’s native token, XRP, has been making waves in the cryptocurrency market by surging an impressive 13% daily to reach a monthly high. The astonishing price action has left many wondering what could be driving this significant upswing.
First and foremost, it is crucial to recognize that the entire crypto market is currently trending upwards. However, some altcoins like XRP are performing significantly better than their counterparts. So, let’s dive into the possible factors behind Ripple’s meteoric rise.
One of the primary drivers for XRP’s surge could be the recent whale activity. Large-scale investors have been seen accumulating XRP tokens at an unprecedented rate, with over a billion coins being bought within a 48-hour period last week. This influx of capital from these whales has undoubtedly contributed to the token’s rapid appreciation.
Another crucial aspect that may be influencing Ripple’s price performance is the upcoming developments in its ongoing legal battle with the SEC. The regulatory agency has been ordered to file its opening brief by tomorrow, and there are expectations that this could bring about a turning point for the company. Furthermore, the Commission will undergo leadership changes within the next week, as Gary Gensler will be stepping down. This impending change is expected to have a positive impact on the crypto market as a whole.
Finally, there’s also some speculation surrounding Ripple potentially partnering with Cardano in a future collaboration. According to reports, the founder of Cardano has revealed that both entities are actively engaged in discussions. Without divulging too many details, it’s rumored that Ripple may be about to launch its stablecoin, RLUSD, on Cardano’s blockchain soon.
As XRP continues to break new records and surpass previous highs, traders and investors alike should keep a close eye on these developments and how they impact the asset’s value in the short term.
Source: cryptopotato.com
