XRP is the star of the crypto market again! 🌟 In the past week, its price has surged 50% to $0.91, its highest level since 2021! 🚀
This surge goes against the broader market trend, where many other cryptocurrencies are struggling. 😕 Whale activity is one of the driving factors, with wallets holding over 1 million XRP now amassing nearly 46 billion tokens—a six-year high! 🐋 This shows strong confidence in XRP’s long-term potential, especially with regulatory changes in the US.
Short sellers were hit particularly hard, with over $26.31 million liquidated in 24 hours—$11.36 million from long positions and $14.95 million from short positions. 💸 The sudden market movement caught many traders by surprise and further pushed the price of XRP higher. 📈 On-chain analysis shows that large holders continue to add to their positions, accumulating more than 3.4 billion XRP in the past two years.
There is also speculation about the possible resignation of SEC Chairman Gary Gensler. 🤔 His tenure was known for its strict enforcement of crypto companies, including Ripple. Gensler’s recent comments are seen by some as a sign that he may be leaving, raising hopes for more friendly regulation of crypto projects in the US, including Ripple. 🙌
With all of these factors—strong whale activity, trader liquidations, and regulatory speculation—XRP has been a highlight in the crypto market. 🔍 The success and renewed investor confidence indicate broader confidence in Ripple’s future, despite the industry’s ongoing uncertainties.
Currently, XRP is down slightly to $0.864, but is still up 13% on the daily chart. 📊 However, the altcoin is still well below its all-time high (ATH) of $3.4 last seen in January 2018. 😅