As an experienced crypto investor with a decade of market navigation under my belt, I must admit that the recent surge of XRP has left me quite astonished. Michael Arrington, the TechCrunch founder, accurately labeled it as “a beast” – and indeed, it’s been exhibiting some truly mammoth growth.
Michael Arrington recently posted a tweet discussing the significant expansion observed in XRP, as it broke through the $2 mark on Sunday.
The TechCrunch founder issued a short message to his X followers: “XRP is a beast.”
XRP is a beast.
— Michael Arrington 🏴☠️ (@arrington) December 2, 2024
XRP soars above $2, reclaiming top three market cap spot
Starting from the previous Thursday until just now, the digital currency XRP, which is linked to Ripple, has astonished both the crypto market and the XRP community with an extraordinary 70.55% price jump. On Sunday, XRP managed to exceed $2 for the first time, reaching a high of $2.42 earlier today. After a brief dip of around 10%, XRP has made a slight comeback and is currently being traded at approximately $2.30 per coin.
XRP regained its position as the third most valuable cryptocurrency on CoinMarketCap, with a staggering market cap of nearly $140 billion. However, it was later surpassed by Tether’s USDT stablecoin, moving XRP down to fourth place.
Whales scoop up $1.66 billion XRP
Based on a report from Santiment, a well-known on-chain data provider, the price of XRP reached $2.49, its highest since January 8, 2018. This marked a significant seven-year high for the cryptocurrency. Furthermore, it was noted that wallets holding between one and ten million XRP collectively bought approximately 680 million XRP coins, equating to around $1.66 billion at the time of the report’s release. Interestingly, this is the first time in XRP’s history that around 5.5 million XRP were purchased by non-empty wallets all at once.
🚀 The value of XRP has soared to an impressive $2.49 for the first time since January 8, 2018, marking a significant increase that almost reaches a 7-year high. This surge is attributed to the accumulation of 679.1 million XRP (worth approximately $1.66 billion) in wallets holding between 1 million and 10 million tokens within a span of just three weeks. Moreover, the total number of non-empty XRP wallets has…
— Santiment (@santimentfeed) December 2, 2024
In addition, according to U.Today’s report, on December 1, Ripple carried out a significant XRP distribution by releasing one billion coins from its escrow account, only to lock away 800 million of them conventionally afterwards.
The remarkable increase in XRP’s price occurred shortly following Gary Gensler’s announcement that he would step down as head of the Securities and Exchange Commission in January next year. Experts speculate that this price surge was additionally driven by anticipation of the U.S. government implementing favorable cryptocurrency regulations next year, enabling crypto firms to operate more freely within the U.S., without facing legal action from the SEC for accusations of offering/trading unregistered securities.
In December 2020, it was Ripple and its high-ranking officials, including Brad Garlinghouse and Chris Larsen, who found themselves at the center of a prolonged legal dispute with the SEC (Securities and Exchange Commission).
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2024-12-02 18:11