Ripple (XRP) recorded a massive comeback on Monday 11, jumping from around $0.50 to $0.74 in hours.
Notably, the surge is the asset’s highest price since a very short-lived spike last November amid speculation about a potential BlackRock-managed XRP ETF.
What is behind XRP’s recent soar?
There is no obvious catalyst behind the latest surge in XRP price. However, a look at the actions of crypto whales whose activities are known to influence the market shows that there have been large transactions of the asset.
The crypto tracking platform Whale Alert reported a transfer of 300 million XRP valued at $187 million from the crypto exchange Binance to an anonymous wallet. Following the transfer, other huge transactions each worth 18-19 million XRP did not go unnoticed.
Furthermore, the price rally could signify that investor’s interest might have shifted to underperforming tokens. Several cryptocurrencies have been performing well in recent months with BTC taking the lead having broken record highs. Memecoins, artificial intelligence (AI) tokens, and altcoins also experienced exorbitant gains but XRP had so far been notably absent from the action.
However, following the BTC’s recent all-time high, XRP experienced a remarkable surge indicating investors’ interest.
Another factor could be Ripple’s Cross-Border Payments System which aims to enable banks to settle cross-border payments instantly, with XRP as the key player in the global financial system.
Will XRP Experience More Price Surge?
Data from price tracking platform Coinstats shows that XRP trades at $0.69 at press time, representing a 10.37% increase in the last 24 hours. Although the recent price surge is impressive, it remains up only 17% year-to-date, significantly lagging behind bitcoin’s 64% gain.
Meanwhile, the recent surge comes after a long winter thus presenting a bullish outlook for the altcoin. Additionally, some crypto analysts like Tony Edward, predict that XRP will soon soar higher to $1.35.
