XRP Price Soars, Reaching Highest Level Since 2021

XRP has taken the crypto market by storm, surging by an impressive 50% over the past week to reach $0.91, its highest level since 2021.

This rally defies broader market trends, which have seen other cryptocurrencies struggle to maintain momentum. Whale activity has been a driving force, with wallets holding over 1 million XRP now collectively amassing nearly 46 billion tokens—a six-year high. This significant accumulation signals strong confidence in XRP’s long-term potential, particularly as regulatory dynamics shift in the U.S.

Short sellers were hit hard by the rally, with over $26.31 million in liquidations recorded within 24 hours – $11.36 million in long positions and $14.95 million in shorts. This sudden market movement caught many traders off guard, further fueling the token’s upward trajectory. On-chain analytics suggest that large holders have steadily added to their positions, accumulating over 3.4 billion XRP in the past two years, a clear indicator of sustained interest in the token.

Adding to the excitement is speculation surrounding SEC Chair Gary Gensler’s potential departure. His tenure has been marked by aggressive enforcement against crypto firms, including Ripple. Recent comments by Gensler have been interpreted by some as signaling his possible exit, sparking hopes for a more favorable regulatory landscape under the incoming administration. Investors are optimistic that a leadership change could bring relief to U.S.-based crypto projects, including Ripple.

This convergence of factors—strong whale activity, trader liquidations, and regulatory speculation—has positioned XRP as a standout in the crypto market. Its resilience and renewed investor confidence reflect a broader belief in Ripple’s future potential, even as the industry navigates uncertain terrain. Whether these developments mark the beginning of a sustained upward trend remains to be seen, but XRP’s recent performance has undeniably captured the spotlight.

At the time of writing, XRP has retraced to $0.864, but is still up 13% on the daily chart. Despite this surge, the altcoin still remains far below its all-time high (ATH) of $3.4, last seen in January, 2018.