【XRP Reaches Six-Year High, What Caused It to Rise to $2.5?】
XRP's price today surged to $2.50, marking a new high since 2018 and making it the third-largest cryptocurrency by market capitalization. In the past seven days, XRP has risen by 54%, with a staggering 353% increase over the past 30 days since its low of $0.50 in November.
According to data from Santiment, whale accumulation has driven this surge. Wallets holding between 1 million and 10 million XRP have accumulated 670 million XRP in three weeks, worth approximately $1.66 billion. Additionally, the number of XRP wallets has surpassed 5.5 million for the first time, with 119,820 new wallets created since November 9.
CryptoQuant CEO Ki Young Ju pointed out that Coinbase whale activity may be the main reason for XRP's spike, with price premiums reaching as high as 13%. Meanwhile, the XRP/KRW trading pair on the South Korean exchange Upbit saw a 24-hour trading volume of $4.25 billion, accounting for 28.8% of the exchange's total volume.
XRP's market capitalization has surpassed Solana and Tether, soaring from less than $30 billion at the beginning of November to $139 billion, marking a strong rebound. As Bitcoin's market share declines, more funds are flowing into XRP and other cryptocurrencies. If the upward trend continues, XRP is expected to set new records.