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.
A well-known crypto analyst sees potential in the Solana-based memecoin dogwifhat (WIF) but remains cautious.
CryptoQuant’s Ki Young Ju has recently declared the onset of altcoin season, but this time, things are different. Instead of the typical flow of capital from Bitcoin into altcoins, Ju points out that it’s stablecoin holders driving the action.
JPMorgan reports that institutional interest in Bitcoin and Ethereum futures is waning, leaving the crypto market in a vulnerable position.
Canary Capital’s proposed Litecoin ETF has taken a step forward, with its listing on the Depository Trust and Clearing Corporation (DTCC) significantly boosting expectations for approval.