In simple terms, it’s been reported by CoinGecko that XRP, ranked as the third largest cryptocurrency in terms of market value, experienced a rise of over 12% within the last day.
The token has hit an intraday high of $2.87, surging to its highest level since Dec. 3.
The increase in prices is happening as interest in Exchange-Traded Funds (ETFs) grows, with financial giant JPMorgan suggesting that an XRP ETF could potentially draw investments worth around $8 billion.
As per data from analytics platform Santiment, the persistent increase in XRP’s price appears to be fueled by significant hoarding of the tokens by numerous digital wallets, which contain between one million and ten million units each.
These wallets now own 37% more coins than they did just two months ago, according to Santiment.
The latest surge in prices occurs just days before Gary Gensler, the current chair of the Securities and Exchange Commission (SEC), steps down from his position.
After experiencing a significant price surge, XRP is currently only 16% shy of establishing a fresh all-time high following a span of seven years.
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2025-01-15 09:21