XRP Soars, Reigniting Market Interest

Cover image via U.Today

XRP has made a significant resurgence, climbing over 17% to reach a multi-month high of $0.70, based on data from CoinGecko.

The controversial token, linked to Ripple, has outperformed most major cryptocurrencies with its recent price spike.

Within the top 20, only Dogecoin (DOGE) has surpassed XRP, rising by over 20%, according to CoinGecko.

Hedera (HBAR) has also outperformed both Dogecoin and XRP, following a filing by Canary Capital with the U.S. Securities and Exchange Commission (SEC) for a spot HBAR ETF.

Bonk (BONK), a Solana-based meme coin, is the top performer within the top 100, gaining nearly 25%.

Trading Ambiguity

DonAlt, a pseudonymous cryptocurrency trader, has remarked that XRP is currently experiencing a "nutty" rally. He observes that such behavior has often preceded rallies in previous market cycles. However, XRP has also been an early indicator of alt seasons in the past. Thus, DonAlt remains cautious in his assessment.

Bullish Factors

XRP's resurgence can be attributed to several favorable factors. Multiple spot XRP ETF filings have been made in the U.S., and Ripple CEO Brad Garlinghouse has expressed confidence in their eventual approval by the SEC.

Additionally, the SEC is expected to dismiss all non-fraud crypto cases soon, potentially providing further bullish momentum for the cryptocurrency.