Why Is Ripple’s (XRP) Price Up Today?
TL:DR;
- While most of the crypto market sits either deep in the red, as the case with SUI, or with insignificant gains, such as BNB and DOGE, Ripple’s native token has gone on a tear.
- But what’s behind this rally to a new multi-week peak of just over $2.5?
As the graph above showcases, Ripple’s native cross-border token plunged hard at the end of December, going from over $2.7 after the launch of the company’s stablecoin to a monthly low of $1.96.
It went through massive volatility in the following weeks, including another drop to under $2 on December 30, but managed to recover most losses and even spiked to $2.5 on January 4, 2025.
Another market-wide retracement followed that took BTC south to a 7-week low, but XRP coped better with the correction this time, sliding by a more pain-free 15% to $2.2.
It started its recovery a few days later and jumped to just over $2.5 minutes ago, which is actually its highest price tag in nearly a month (December 18).
At the same time, BTC struggles to remain above $94,000, while many other altcoins are quite sluggish on a daily scale.
Perhaps the most evident reason behind this is the increased whale activity as of late. As CryptoPotato reported earlier, XRP whales had spent more than $2 billion within two days to accumulate over a billion tokens, which is a massive supply shock for the asset.
At the same time, analysts continue to be highly bullish for XRP, predicting substantial price increases and even new all-time highs, especially if it maintains the $2.32 support line and conquers the $2.5 next.
$XRP: The price is still holding support and there is some increased upside momentum. To keep the local uptrend alive, the price should ideally hold above $2.32. $2.50 and $2.72 are the next resistance levels and the chart context has not changed. A break above $2.50 is needed as… pic.twitter.com/kcBNrUVSxj
— More Crypto Online (@Morecryptoonl) January 11, 2025
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