Why Is Ripple’s (XRP) Price Up Today? – BitRss

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 ($697.76) and DOGE ($0.34), 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?

XRPUSD. Source: TradingView

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 ($94,315.01) south to a 7-week low, but XRP ($2.52) 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

The post Why Is Ripple’s (XRP) Price Up Today? appeared first on CryptoPotato.