The price of Ripple's XRP token has skyrocketed up nearly 25% in the last 24 hours to reach its highest level since November 2021 in a significant shift for the cryptocurrency.
XRP has risen nearly 25% in the past 24 hours, according to The Block's XRP Price Page, reaching a current price of $1.13. The coin has added nearly $20 billion to its market capitalization since the start of Nov. 15, rising to its current value of about $65 billion.
The Block's GMCI 30 index, which tracks the the performance of the top 30 crypto tokens on the market, is up merely 3% in the past day, underperforming XRP, which is one token in the index.
While it doesn't seem as though the price action was spurred by a specific announcement or development, the increase is likely due to traders anticipating a more favorable regulatory environment for Ripple and potentially the resolution of its long-running legal battle with the SEC, which began in 2020.
"Please remember the SEC’s broader strategy: try to create distraction and confusion for Ripple and the industry. But honestly, it’s just background noise now. The hard part of the fight is behind us," Ripple's Chief Legal Officer Stuart Alderoty recently wrote on X.
The price rise has also spurred notable on-chain movements. One wallet transferred $90 million worth of XRP tokens to another wallet, according to Whale Alert. The analytics provider noted over $316 milion worth of XRP transfers in the past two days alone.
Another bullish signal may be 21Shares recent filing for an XRP ETF in the style of its spot Bitcoin and Ethereum ETFs already available for trading on the U.S. stock market. Canary Capital and Bitwise have also filed for XRP ETFs.
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