XRP Price Soars, Reaching Highest Level Since 2021
XRP has taken the crypto market by storm, surging by an impressive 50% over the past week to reach $0.91, its highest level since 2021.
This rally defies broader market trends, which have seen other cryptocurrencies struggle to maintain momentum. Whale activity has been a driving force, with wallets holding over 1 million XRP now collectively amassing nearly 46 billion tokens—a six-year high. This significant accumulation signals strong confidence in XRP’s long-term potential, particularly as regulatory dynamics shift in the U.S.
Short sellers were hit hard by the rally, with over $26.31 million in liquidations recorded within 24 hours – $11.36 million in long positions and $14.95 million in shorts. This sudden market movement caught many traders off guard, further fueling the token’s upward trajectory. On-chain analytics suggest that large holders have steadily added to their positions, accumulating over 3.4 billion XRP in the past two years, a clear indicator of sustained interest in the token.
Adding to the excitement is speculation surrounding SEC Chair Gary Gensler’s potential departure . His tenure has been marked by aggressive enforcement against crypto firms, including Ripple. Recent comments by Gensler have been interpreted by some as signaling his possible exit, sparking hopes for a more favorable regulatory landscape under the incoming administration. Investors are optimistic that a leadership change could bring relief to U.S.-based crypto projects, including Ripple.
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Cardano Defies Recent Market Downturn With a 20% Surge – Here is WhyThis convergence of factors—strong whale activity, trader liquidations, and regulatory speculation—has positioned XRP as a standout in the crypto market. Its resilience and renewed investor confidence reflect a broader belief in Ripple’s future potential, even as the industry navigates uncertain terrain. Whether these developments mark the beginning of a sustained upward trend remains to be seen, but XRP’s recent performance has undeniably captured the spotlight.
At the time of writing, XRP has retraced to $0.864, but is still up 13% on the daily chart. Despite this surge, the altcoin still remains far below its all-time high (ATH) of $3.4, last seen in January, 2018.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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