The price of XRP surged by 90% in just one week, reaching a peak of $1.26, setting a historical record for the past three years. This phenomenon has sparked enthusiastic discussions among investors and has drawn renewed attention from many who were previously skeptical about this cryptocurrency.
According to the latest market data from AICoin, as of now, XRP has skyrocketed over 90% in a week, with a 24-hour increase of 10.85%, currently valued at $1.15.
Image source: AICoin
XRP's market capitalization was overtaken by DOGE, influenced by news of Elon Musk's appointment to the D.O.G.E (Department of Government Efficiency) last Tuesday (November 12), pushing XRP to the seventh position. Now, with rumors of a meeting between Trump and Ripple, XRP has surpassed DOGE again, ranking sixth in total market capitalization, exceeding $65 billion.
Image source: AICoin
Victory in SEC Lawsuit
Ripple has achieved a significant victory in its legal battle with the U.S. Securities and Exchange Commission (SEC), with the court ruling that XRP is not a security. This means that XRP sales on exchanges and through algorithms are not considered investment contracts and therefore do not fall under securities trading.
Additionally, Ripple's third-quarter 2024 XRP market report clearly states that XRP sales in the public market do not constitute securities trading, emphasizing that XRP's "non-security" status remains valid. This ruling has brought positive news for Ripple. Furthermore, several institutions have shown strong interest in XRP investment products, with Bitwise, Canary, and 21Shares all submitting S-1 application documents for an XRP ETF.
Massive Whale Activity
Santiment tweeted, "This rebound is attributed to major whale and shark wallets holding between 1 million to 100 million tokens. In just the past week, this group has accumulated a total of 453.3 million tokens (worth $526.3 million)."
Image source: x
The significant purchasing behavior of whales in the XRP market is often interpreted as a bullish signal. By purchasing large amounts of XRP, whales demonstrate confidence in future price trends, which typically leads to increased market activity and may drive prices up. The accumulation behavior of whales is also seen as a potential catalyst for price increases, as these large investors usually possess extensive market experience and information channels, and their actions can significantly influence market prices.
Bullish Sentiment in the Options Market
According to the latest derivatives market data, XRP's open interest reached a record level yesterday (November 17), with an open interest of $1.98 billion. Today, the open interest remains high at $1.82 billion, betting on further market volatility. Generally, a simultaneous increase in open interest and price indicates that new funds are entering the market, reflecting bullish sentiment.
Moreover, XRP's open interest-weighted financing rate has also reached a new high, with a positive financing rate indicating that traders are willing to pay more interest to hold long positions, further reflecting the market's optimistic expectations for XRP.
Regulatory Environment and ETF Filing Boost
Rumors of a meeting between Trump and Ripple CEO Brad Garlinghouse have sparked heated discussions on social media, potentially serving as one of the catalysts for XRP's price surge. Although Garlinghouse did not confirm or deny the meeting during an interview with Fox Business.
Ripple CEO Brad Garlinghouse expressed in an interview with Fox Business that he looks forward to seeing a more favorable cryptocurrency regulatory environment under the new Trump administration.
He pointed out that the Trump administration's rise could bring a more advantageous policy environment for XRP, contrasting sharply with the market's perception of Gary Gensler's regulatory stance.
At the same time, XRP has also been influenced by news related to ETF filings, with 21Shares recently applying for an XRP ETF, hoping to launch a fund similar to its spot Bitcoin and Ethereum ETFs.
Conclusion
The recent price increase of XRP is the result of multiple factors working together, including market sentiment, policy expectations, and positive signals from Ripple executives, all providing support for XRP's future development. With investors optimistic about the future policy environment and market prospects, XRP will undoubtedly continue to attract market attention. While enjoying the growth dividends, investors should remain cautious and pay attention to potential market risks.
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