- In the last day, the price of Ripple’s XRP coin has soared by more than 20%, probably due to optimism about a favorable regulatory environment and the outcome of the company’s protracted legal dispute with the SEC.
- In an attempt to launch a fund similar to its spot Bitcoin and Ethereum ETFs, 21Shares recently filed for an XRP ETF.
In a dramatic move for the cryptocurrency, the price of Ripple’s XRP token has surged by around 25% in the past day to hit its highest level since November 2021.
XRP has increased by almost 25% over the last day, to $1.13 today. Since the beginning of November 15, the coin’s market capitalization has increased by around $20 billion, bringing its current worth to approximately $65 billion.
The performance of the top 30 cryptocurrency tokens on the market is tracked by the Block’s GMCI 30 index, which is up just 3% over the last day. XRP, one of the tokens in the index, is underperforming.
The increase is probably the result of traders expecting a more favorable regulatory environment for Ripple and possibly the resolution of its protracted legal battle with the SEC, which started in 2020, even though it doesn’t appear that any particular announcement or development sparked the price action.
Please recall the SEC’s bigger strategy: try to cause diversion and confusion for Ripple and the industry. However, to be honest, it’s now just background noise. Stuart Alderoty, Chief Legal Officer at Ripple, recently posted on X, “We’ve overcome the difficult part of the battle.”
Notable on-chain moves have also been sparked by the price increase. Whale Alert claims that $90 million worth of XRP tokens were moved from one wallet to another. In just the last two days, the analytics service recorded XRP transfers totaling more than $316 million.
In keeping with its spot Bitcoin and Ethereum ETFs that are now traded on the U.S. stock market, 21Shares’ latest filing for an XRP ETF could be another encouraging indication. Bitwise and Canary Capital have also submitted applications for XRP ETFs.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
