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Ripple’s XRP Surged to 4-Month High: 4 Catalysts Fueling the Latest Rally
XRP has made a remarkable comeback, shooting up by nearly $0.50 within just two days to reach a new multi-month high. This price surge is largely attributed to four critical factors that have sparked renewed interest in the asset.
Firstly, the surge can be linked to the impressive growth of Ripple’s network activity, as seen in the number of newly created wallets. The figure has skyrocketed by nearly 7,000 within a span of just one day, indicating an immense increase in user adoption and engagement with the platform.
In addition to this, it appears that XRP is gaining significant traction on social media platforms, with retail interest reaching an all-time high since mid-March when Ripple’s CEO announced the end of the prolonged legal battle between the company and the US SEC. This heightened interest among traders has further fueled speculation and buying pressure.
Whales have also played a crucial role in driving this rally as evidenced by a significant spike in large wallets holding at least a million tokens, which reached an all-time high. This influx of institutional investment is believed to be a major catalyst for the asset’s price surge.
Lastly, it appears that the overall market resurgence has had a profound impact on XRP’s performance. The market leader, Bitcoin, recently broke out and led the entire market into new highs, with many altcoins, including XRP, following suit.
Source: cryptopotato.com
