XRP’s price has experienced a notable surge, rising 12% in just a single day, hitting $2.69 for the first time since December 2024. As of Jan. 14, XRP continued its bullish momentum, trading at $2.83, a price level not seen since early 2018, according to CoinMarketCap data.
š³š XRP investors are pleased to see the #3 market cap asset reach $2.69 today for the first time since December 17, 2024. This is being supported by continued enormous accumulation from wallets holding 1M-10M XRP, who own over 37% more coins than they did 2 months agoā¦ pic.twitter.com/G3a3N5iSAS
— Santiment (@santimentfeed) January 14, 2025
The driving force behind this rapid price movement appears to be a combination of factors. A key element contributing to XRPās rise is the significant whale accumulation. According to crypto analysis firm Santiment, wallets holding between 1 million and 10 million XRP tokens have been accumulating the asset in large volumes. Since Nov. 12, these whales have added 1.43 billion XRP to their holdings, marking a 37.4% increase. This accumulation is fueling optimism around XRPās price trajectory, with investors closely monitoring the situation.
Sean Dawson, head of research at on-chain protocol Derive, suggested that XRP’s strong momentum could be attributed to speculation surrounding a potential ETF listing in the U.S. in 2025. As Bitcoin (BTC) continues to attract significant investment, Dawson believes that funds may rotate into altcoins like XRP, further boosting its bullish sentiment.
Adding to the optimism, blockchain-focused media company Gokhshtein Media’s founder, David Gokhshtein, praised XRP holders for their patience, stating, āXRP holders deserve this,ā in a Jan. 15 X post.
$XRP holders deserve this.
— David Gokhshtein (@davidgokhshtein) January 15, 2025
XRP’s price has been relatively stagnant throughout 2024, with tight consolidation between January and October, showing just a 3.8% difference. However, with the U.S. Securities and Exchange Commission (SEC) deadline to file an appeal approaching, the legal battle is set to intensify. Dawson noted that a favorable outcome for XRP in this case, combined with the pro-crypto sentiment within the White House, could boost investor confidence even further.
Also Read: XRP Price Skyrockets 10% Today: Legal Developments, Whale Activity, and Stablecoin News Fuel Surge
Finally, JPMorgan’s recent projections have highlighted XRP’s potential, forecasting that XRP and Solana (SOL) exchange-traded products (ETPs) could outperform spot Ether (ETH) ETFs, with XRP potentially attracting up to $8 billion in new assets. This further underscores the growing optimism surrounding XRP’s future.
Disclaimer:Ā The information in this article is for general purposes only and does not constitute financial advice. The authorās views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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