XRP Surges to Three-Year High, Overtaking Dogecoin

XRP soared past $1 on Saturday, marking a three-year high. It has now displaced Dogecoin (DOGE) to claim the sixth spot in cryptocurrency rankings by market capitalization.

Since last week, XRP's value has skyrocketed by over 85%, reaching a three-year high of $1.268 on Saturday. Favorable regulatory developments and increased whale activity are believed to have fueled the surge.

Positive Regulatory Outlook

The SEC's ongoing legal battle with Ripple has significantly impacted XRP's trajectory. However, recent events suggest a more favorable regulatory climate may be emerging. A lawsuit filed by state attorneys general and the DeFi Education Fund challenges the SEC's authority over digital assets.

Whale Activity Drives Price

According to Santiment, XRP's rally has been driven by key whale and shark wallets holding substantial token amounts. These wallets have collectively accumulated 453.3 million XRP worth $526.3 million over the past week.

Retail Dumping

Simultaneously, retail traders have been selling off their XRP holdings, primarily into minor rallies. Wallets with less than a million XRP have unloaded 75.7 million tokens worth $87.9 million during the same period.

Key Stakeholder Confidence

Historically, cryptocurrencies have experienced favorable market cap growth when key stakeholders increase their holdings and confidence. Santiment suggests this is the case with XRP currently.

XRP Surpasses Dogecoin

XRP's surge has eclipsed $1 and boosted its market capitalization to $60.39 billion. This has propelled XRP to sixth place, surpassing Dogecoin, which now ranks seventh with a market cap of $53.29 billion.

Bullish Momentum and Support

The breakout of the psychological $1 resistance is considered a bullish signal. If the momentum continues and XRP sustains a breach of $1.27, it could face resistance near $1.50 and $2. However, profit-taking could trigger a retracement.

Should XRP's price decline, intermediate-term support is anticipated at $1.