Ripple’s XRP cryptocurrency is on the cusp of a significant price surge, potentially reaching $1, as whale accumulations hit a new high for the year, according to on-chain analytics.
This surge places XRP at a three-month peak, overtaking Binance Coin for the fourth-largest market capitalization amid a broader cryptocurrency market rally.
XRP Dominates the Crypto Market with Stellar 24-Hour Performance
In a striking rally, XRP has eclipsed the performance of leading cryptocurrencies Bitcoin and Ethereum over the past day, recording an 8.5% increase to reach $0.67. This significant price movement was accompanied by a dramatic rise in trading volumes, jumping from $1 billion to $2.7 billion.
The surge has propelled XRP to the status of the fourth-largest cryptocurrency by market capitalization, surpassing Binance Coin. On-chain analytics firm Santiment reported that the XRP ledger hit its highest market value since early August, with a notable 23% appreciation against Bitcoin over the last week.
Large XRP holders, often referred to as whales, now possess 45.8% of the total supply, the largest share recorded this year, indicating a strong accumulation trend.
XRP Gains Ground in Middle East with Dubai Regulatory Approval
XRP’s trajectory in the global market received a significant boost as the Dubai Financial Services Authority (DFSA) recently endorsed it within their virtual assets framework. This pivotal move allows entities within the Dubai International Financial Centre to legally offer XRP, marking a substantial step for its adoption in the Middle East.
Complementing this progress, Ripple’s involvement in the National Bank of Georgia’s Digital Lari pilot project showcases the company’s growing influence in the Central Bank Digital Currency (CBDC) sector.
Ripple’s technology underpins the project, enabling the management of the CBDC’s entire lifecycle and highlighting Ripple’s expanding portfolio of CBDC collaborations worldwide, including in Palau, Colombia, and Montenegro.
Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC) has turned a new leaf, bolstering XRP’s market position. The SEC’s decision to drop all charges against Ripple executives on October 19 has significantly enhanced investor confidence, as the dismissal with prejudice closes the case definitively.
This follows a pivotal July ruling affirming that XRP does not constitute a security, which led to its relisting on U.S. exchanges and the introduction of XRP options markets.
The latest XRP Markets Report for Q3 from Ripple echoes this sentiment, attributing the fresh influx of capital into the XRP ecosystem to these legal victories, coupled with increased activities by market-makers and clients.
Spot BTC and ETH ETFs Forecast to Spur Wider Crypto Growth as XRP Soars
Ripple’s market forecast anticipates the potential clearance of spot Bitcoin and Ethereum ETFs in early 2024, which could catalyze a substantial influx of capital into the cryptocurrency sector.
Currently, XRP is witnessing significant momentum in the market, trading at $0.7295 and registering a remarkable 13.85% increase over the last day.
This upswing is part of a broader trend observed over the past month, with XRP’s value climbing by around 40%, as per CoinMarketCap, signaling robust market enthusiasm for the digital asset.