Ripple’s XRP cryptocurrency is headed for a significant price surge, potentially reaching $1 as whale accumulation hits its highest level this year, according to on-chain analysis.
The surge pushed XRP to a three-month high and surpassed Binance Coin to become the fourth-largest market capitalization amid a broader cryptocurrency market rally.
XRP dominates the cryptocurrency market with its outstanding 24-hour performance.
In a notable rally, XRP rose 8.5% to $0.67, outperforming major cryptocurrencies Bitcoin and Ethereum over the past day. This significant price movement was accompanied by a dramatic increase in trading volume, jumping from $1 billion to $2.7 billion.
The surge catapulted XRP to the status of the fourth-largest cryptocurrency by market capitalization, surpassing Binance Coin. On-chain analytics firm Santiment reported that the XRP ledger posted a notable 23% gain against Bitcoin last week, hitting its highest market cap since early August.
Large XRP holders, often referred to as whales, currently hold 45.8% of the total supply, the largest share recorded this year, indicating a strong accumulation trend.
XRP secures presence in Middle East with Dubai regulatory approval
The recent approval of XRP within its virtual asset framework by the Dubai Financial Services Authority (DFSA) has significantly improved XRP’s trajectory in the global markets. This pivotal move will allow institutions within the Dubai International Financial Center to legally offer XRP, marking a significant step towards XRP adoption in the Middle East.
Complementing this progress, Ripple’s participation in the National Bank of Georgia’s Digital Lari pilot project demonstrates the company’s growing influence in the central bank digital currency (CBDC) sector.
Ripple’s technology underpins the project, enabling full lifecycle management of CBDCs and highlights Ripple’s expanding portfolio of CBDC collaborations globally, including in Palau, Colombia, and Montenegro.
Ripple’s ongoing battle with the U.S. Securities and Exchange Commission (SEC) has taken a new turn as it strengthens XRP’s market position. The SEC’s decision on October 19 to drop all charges against Ripple executives significantly boosted investor confidence as the case was finally concluded with a bias dismissal.
This follows a pivotal ruling in July confirming that XRP does not constitute a security, which led to XRP being re-listed on US exchanges and the introduction of an XRP options market.
Ripple’s latest Q3 XRP Market Report echoes this sentiment, attributing the influx of new capital into the XRP ecosystem to these legal victories and increased activity from market makers and customers.
As XRP soars, BTC and ETH ETFs predicted to fuel cryptocurrency growth
Ripple’s market forecast predicts a potential liquidation of spot Bitcoin and Ethereum ETFs in early 2024, which could spur significant capital inflows into the cryptocurrency sector.
Currently, XRP is showing significant momentum in the market and is trading at $0.7295, registering an impressive 13.85% increase over the last day.
The rise is part of a broader trend observed over the past month, with the value of XRP rising around 40%, according to CoinMarketCap, indicating strong market enthusiasm for the digital asset.