Ripple-affiliated cryptocurrency XRP has made headlines by surging over 70% in price within a few days.
XRP surge above $2
From Thursday last week until today, XRP saw a 70.55% price increase, climbing from $1.42 to $2.42 and then settling at $2.30. On CoinMarketCap, XRP reclaimed third place in market capitalization, reaching nearly $140 billion.
Whale investor activity
According to Santiment, XRP reached $2.49 for the first time since January 2018. Large investors holding one to ten million XRP acquired approximately 680 million tokens, while the number of active XRP wallets increased for the first time in history.
Context of the price hike
The impressive XRP price rally occurred soon after SEC head Gary Gensler announced his resignation in January. Experts attribute the rise to expectations of new cryptocurrency regulation in the U.S., offering hope for a less contentious environment for crypto companies.
XRP's market comeback is occurring in a turbulent economic period, and further crypto regulation changes could significantly impact the market.
