• XRP has surged by 420% in the past month, pushing its price beyond $2.7 for the first time since January 2018
• On-chain data shows that the rally was primarily driven by whales accumulating XRP, with most of the buying taking place on Coinbase
• The surge is attributed to the expected political change in the US following Donald Trump’s victory and the anticipated departure of SEC Chair Gary Gensler in January
XRP has skyrocketed by 420% in the past month!
TLDR
XRP continues to make the headlines with another notable surge that pushed its price beyond $2.7 for the first time in almost seven years. On-chain data has attributed this mindblowing monthly rally to whales accumulating the asset, mostly on Coinbase.
Details of the XRP Price Surge
It almost seems like a repeat now when it comes down to XRP’s price performances in the past month and since Sunday in particular, but there’s a lot going on around the asset.
Recall that just yesterday, Ripple’s native token traded at around $1.9. However, it exploded first to over $2.2 as reported before it shot up to $2.5 for the first time since January 2018. During the market-wide retracement from earlier on Monday, it slipped back down to $2.2, but the bulls stepped up on the gas pedal once again and initiated another massive rally.
This time, XRP’s price skyrocketed to $2.75, which became a new local peak. Moreover, the cryptocurrency came just $0.23 away from its all-time high of $3.4, CoinGecko data shows.
Whales Driving the XRP Buying Frenzy
Despite retracing slightly to under $2.7 now, XRP is still up by over 420% in the past month. This surge has pushed its market cap to well beyond $150 billion, solidifying its place as the third-largest cryptocurrency by this metric.
Many reports claimed that this rally was driven primarily by whales accumulating substantial portions of the asset. CryptoQuant‘s CEO Ki Young Ju confirmed this narrative but also shed some more light, noting that most of the buying took place on Coinbase.
This makes sense due to the expected political change in the United States following Donald Trump’s victory in the presidential elections and Gary Gensler’s announcement that he will step down as SEC Chair in January.
Conclusion
XRP continues its epic price run with new all-time highs seemingly just around the corner. The buying frenzy from whales, especially on Coinbase, signals growing confidence in the asset’s future prospects amid expected changes in the regulatory environment. It will be interesting to see just how far this parabolic rally can run.
