3 Major Factors Revealed: Why Did 37766494784 Surge to $2.5 in Just One Month?

XRP has skyrocketed this month, soaring by 350% to reach $2.5, marking its highest point in many years! Let's take a look at why it has become so popular and even briefly became the third largest cryptocurrency by market value.

First, we have to talk about the actions of the whales. After the U.S. elections, Ripple's cryptocurrency became hot, with the XRP price rising from $0.6 all the way to $2.5, reaching a new high since 2018. Ripple's CEO Brad Garlinghouse stated that Trump won, and the Democratic Party became less hostile towards cryptocurrencies, benefiting Ripple. As a result, XRP has indeed made a significant profit.

Moreover, during this month, those whales have been quietly buying XRP, reaching nearly a 6-year high. They are acquiring it from retail investors eager to cash out. According to Santiment's data, big players holding between 1 million to 10 million XRP bought 679 million coins in just three weeks. Additionally, there are now over 5.5 million accounts holding XRP, and these two numbers indicate that XRP is set for a major rise!

Ripple also plans to issue a stablecoin, pegged 1:1 with the U.S. dollar, aiming to enter the multi-billion dollar stablecoin market. It is said that the New York Department of Financial Services is close to approval, and Ripple plans to launch it on December 4th. Once this news broke, XRP surged again.

Finally, we must mention the changes in U.S. regulation. When Biden was president, Ripple and many cryptocurrency companies were under scrutiny by the U.S. Securities and Exchange Commission. But now that Trump is back, he supports cryptocurrencies, and Gary Gensler, who has been cracking down on XRP, is also set to leave. After the elections, $1.3 billion flowed into the cryptocurrency market, and everyone feels that XRP, which has been suppressed by Gensler for so long, is finally about to make a comeback!

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