XRP Reached its Highest Level in 6 Years
XRP, the third-largest cryptocurrency by market capitalization, has risen more than 12 percent in the past 24 hours to $2.87, the highest level since 2018, according to Coinmarketcap.
This surge comes amid growing speculation around the XRP ETF, with JPMorgan predicting it could raise up to $8 billion.
Analytics platform Santiment reports that the rally is being fuelled by a significant build-up of portfolios holding between 1 and 10 million XRP, with these portfolios now holding 37% more tokens than they did two months ago.
The rally also coincides with the imminent departure of Securities and Exchange Commission (SEC) Chairman Gary Gensler.
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How Stablecoins Captured 33% of Crypto Payments in 2024XRP is now just 16% away from reaching a new record high, marking its best price in seven years.
At the time of writing, the altcoin is trading at $2.86, reflecting over 20% growth on a weekly basis.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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