TL:DR;
- XRP continues to make headlines, with another notable surge pushing its price above $2.7 for the first time in nearly seven years.
- On-chain data has attributed this mind-blowing monthly rally to whales hoarding the asset, primarily on Coinbase.
It almost seems like a repeat now when it comes to XRP’s price performance over the last month and since Sunday, in particular, but there is a lot going on around the asset.
Recall that yesterday, Ripple’s native token was trading at around $1.9. However, it first spiked above $2.2, as reported, before soaring to $2.5 for the first time since January 2018.
During the market-wide pullback since Monday, it fell back to $2.2, but the bulls stepped on the accelerator once again and initiated another massive rally.
This time, the price of XRP skyrocketed to $2.75, becoming a new local peak. Furthermore, the cryptocurrency was only 23% away from its all-time high of $3.4 (data from CoinGecko).
Despite retracing slightly to below $2.7 now, XRP is still up over 420% in the last month. This rise has pushed its market capitalization well beyond $150 billion, cementing its place as the third-largest cryptocurrency by this metric.
Many reports claimed that this rally was mainly due to whales accumulating substantial portions of the asset. CryptoQuant CEO Ki Young Ju confirmed this narrative but also shed some more light, noting that most of the purchases were made on Coinbase.
This makes sense given the expected political shift in the United States following Donald Trump’s victory in the presidential election and Gary Gensler’s announcement that he will step down as SEC chairman in January.
Coinbase whales are driving this $XRP meeting.
Over the past 30 days, Coinbase’s price per minute premium ranged between 3% and 13% during the surge.
Meanwhile, Upbit, a Korean exchange with more XRP investors than Binance, has not shown any significant premium so far. pic.twitter.com/ENESB2Zrkv
– Ki Young Ju (@ki_young_ju) December 2, 2024
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