XRP Tops $3 for the First Time in 7 Years as Large Investors Accumulate $3.8B in Coins

XRP surged to a new 6-year high as the broader crypto market rose, with Bitcoin approaching the $100,000 mark. Analysts attribute part of this rally to growing speculation surrounding the potential approval of a spot XRP ETF. The token briefly surpassed $3 for the first time since early 2018, before slightly pulling back to $2.95. This represented an 11% gain in the past 24 hours, outpacing Bitcoin’s 3.6% rise and the broader CoinDesk 20 Index’s 6.7% performance.

XRP has been one of the top-performing digital assets since Donald Trump’s election, soaring by 488% and regaining its position as the third-largest cryptocurrency by market capitalization, ahead of Tether (USDT). Its market cap recently reached $170 billion, surpassing that of major asset manager BlackRock (BLK).

This surge in XRP’s price is fueled by various factors, including growing partnerships, the launch of Ripple’s stablecoin RLUSD, and increasing expectations of a spot XRP ETF approval. Ripple’s President Monica Long recently expressed optimism, stating that approvals under the incoming administration will accelerate.

XRP has also broken out of a consolidation phase that began in December, positioning itself for further upward momentum. A 15% rise from current levels would take XRP to new all-time highs, surpassing its 2018 peak of $3.4. However, considering inflation, XRP would need to exceed $4.24 to set a new high.

The surge is also being driven by large investors, with addresses holding between 1 million and 10 million XRP tokens increasing their holdings by a combined 1.4 billion tokens, worth approximately $3.8 billion since November 12, according to analytics firm Santiment. This accumulation is helping to sustain the rally despite price fluctuations.