- XRP surged 12%, reaching $2.85, driven by whale accumulation and speculation about an ETF listing.
- Since November, wallets holding 1-10 million tokens have added 1.43 billion XRP, a 37.4% increase.
- The surge is linked to growing anticipation of an XRP ETF and rising institutional interest.
In a remarkable turn of events, XRP recorded a 12% surge in just one day, sending the crypto community into a frenzy. This price increase occurred amidst massive whale accumulation, speculations of listing an ETF in the United States, and optimism regarding the forthcoming inauguration of President-elect Donald Trump.
According to crypto analytics firm Santiment, this feat became significant. Therefore, the Jan. 14 post on X highlighted this: “XRP investors are thrilled to see the #3 market cap asset pump to $2.69 today for the first time since Dec. 17, 2024.”
As of this writing, the price has moved to $2.85, with a 24-hour trading volume of $20.53 billion. The asset’s market capitalization is now $164.07 billion, commanding 4.79% of the cryptocurrency market. In the last 24 hours, the coin’s value has appreciated by 12.53%.
Santiment’s data indicates that wallets holding between 1 million and 10 million tokens have aggressively accumulated the asset since Nov. 12. The cohort has added 1.43 billion tokens to its holdings, representing a stunning 37.4% increase.
Sean Dawson, head of research at on-chain protocol Derive, said the surge in momentum is likely due to anticipation of an XRP ETF listing. “As Bitcoin gains traction, we’re seeing capital rotate into altcoins like XRP, further fueling bullish sentiment,” Dawson said.
XRP Holds Steady with 3.8 % Fluctuation in 2024
The coin has seen a consolidatory year, with the price moving a mere 3.8% from Jan. 17 to Oct. 17, 2024. But renewed optimism over XRP’s legal scrap with the SEC has thrown gasoline on the fire. Dawson noted that a positive ruling for XRP would give significant confidence to investors, especially considering the pro-crypto administration.
“Even if the SEC appeals, the backdrop of pro-crypto sentiment in the White House could influence regulatory enforcement,” Dawson added.
Institutional interest in the coin has also grown, with JPMorgan projecting robust performance for XRP and Solana Exchange-Traded Products (ETPs). In a Jan. 13 report, the banking giant stated that XRP ETPs could attract $4 billion to $8 billion in net new assets within their first six months of trading. “Applying adoption rates similar to Bitcoin ETPs, we expect strong capital inflows into XRP,” JPMorgan’s analysis noted.
David Gokhshtein, founder of Gokhshtein Media, captured the mood of the XRP community with a Jan. 15 X post: “XRP holders deserve this.”
As momentum builds, crypto investors and enthusiasts are closely watching the developments. Whether whale activity, ETF rumors, or legal clarity, the coin seems all set for a pivotal year ahead. With market dynamics shifting rapidly, one thing is certain: the spotlight on the coin has never shone brighter.
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