2024-11-20 23:10 |
XRP recently hit a major milestone, surpassing $1.26 for the first time since November 2021, reaching its highest price in over three years.
This surge was part of a broader rebound in the cryptocurrency market, led by Bitcoin (BTC), which has reignited interest in XRP. As a result, the asset’s market capitalization has risen, propelling it from 8th to 6th place, now valued at $63 billion.
Notably, the price spike prompted a surge in activity from large buyers, particularly whales, suggesting growing confidence that XRP could be on the verge of a significant upward trend.
In a tweet, popular crypto analytics firm Santiment reported that wallets holding between 1 million and 100 million XRP have accumulated an impressive 453.3 million tokens worth around $526.3 million in just one week. According to the firm, these wallets now control approximately 18% of XRP’s total circulating supply, the highest concentration in two months.
In contrast, the firm noted that retail traders misjudged the rally. Wallets holding less than 1M XRP dumped 75.7M tokens (worth $87.9M) in the same timeframe as some traders sought short-term profits. However, the firm emphasized that this could be a good sign for future price trends.
“Historically, any cryptocurrency tends to see positive market cap growth when its key stakeholders are increasing their holdings and confidence, while simultaneous retail FUD fuels this growth more. This has been the exact scenario unfolding for crypto’s now 6 market cap asset,” the firm wrote.
That said, XRP’s bullish momentum extends beyond retail and whale activity, with institutional investors showing growing interest. In a Monday tweet, Zurich-based asset manager 21Shares announced that its XRP Exchange-Traded Product (ETP), AXRP, has surpassed $140M in assets under management (AUM). Launched in April 2019, AXRP is 100% physically backed by XRP and tracks its performance, offering investors a transparent and regulated avenue to participate in the asset’s growth.
Growing speculation about potential shifts in U.S. regulatory policy is strengthening XRP’s bullish outlook. Critics have often blamed XRP’s previous price stagnation on SEC Chair Gary Gensler’s perceived anti-crypto stance. A more crypto-friendly administration could resolve the SEC’s ongoing lawsuit against Ripple, potentially unlocking significant growth for XRP.
Additionally, crypto investors are more optimistic about the expedited approval of a spot XRP ETF under the Trump administration; developments could unleash a flood of institutional capital into XRP, further accelerating its upward trajectory.
Meanwhile, Ripple’s expanding partnerships and ecosystem innovations signal a promising future. In the past week, discussions between Ripple CTO David Schwartz and Cardano founder Charles Hoskinson on leveraging Cardano’s privacy-focused Midnight technology could enhance XRP’s role in regulatory-compliant blockchain applications.
Additionally, the XRP Ledger (XRPL) Stablecoin initiative, which entered testing in August, could unlock new institutional use cases and liquidity. This development aims to drive high-quality assets to the XRPL, further strengthening its utility and appeal.
XRP was trading at $1.10 at press time, reflecting a 1.34% surge in the past 24 hours.
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