XRP, the third-largest cryptocurrency by market capitalization, has risen more than 12 percent in the past 24 hours to $2.87, the highest level since 2018, according to Coinmarketcap.
This surge comes amid growing speculation around the XRP ETF, with JPMorgan predicting it could raise up to $8 billion.
Analytics platform Santiment reports that the rally is being fuelled by a significant build-up of portfolios holding between 1 and 10 million XRP, with these portfolios now holding 37% more tokens than they did two months ago.
The rally also coincides with the imminent departure of Securities and Exchange Commission (SEC) Chairman Gary Gensler.
XRP is now just 16% away from reaching a new record high, marking its best price in seven years.
At the time of writing, the altcoin is trading at $2.86, reflecting over 20% growth on a weekly basis.
Traders are rapidly shifting their focus to Ethereum and altcoins after Bitcoin’s recent all-time high triggered widespread retail FOMO.
Ethereum saw an explosive surge in institutional demand this week, with spot exchange-traded funds (ETFs) posting their highest single-day inflow on record. O
Fartcoin (FARTCOIN) is once again leaving a trail of strong gains as the crypto market rallies. In the past 24 hours alone, the token has produced an 18.2% return as trading volumes have exploded. Data from CoinMarketCap shows that Fartcoin’s volumes have more than doubled during this period. More than $500 million worth of this […]
The cryptocurrency market is experiencing a notable shift in capital flows as Bitcoin’s market dominance has dropped to 61.6%, marking a 2.36% decrease.