Outside Source
TL:DR;
- The US CPI data has positively impacted the overall crypto market, but Ripple’s native token is on the run again, tapping a new multi-year peak.
- This comes amid growing adoption for the underlying network, as well as whales going on an accumulation spree.
XRP entered the new year at $2.1 after the crash that transpired at the end of 2024, which pushed it south to just under $2. It bounced off in the following days and challenged $2.5 on a couple of occasions before it was ultimately rejected.
As reported on Monday, the asset dumped hard to $2.33, but its decline was a lot less painful compared to the rest of the market.
Since then, XRP has gone on a tear, surging past several resistance levels. Earlier this morning, the asset tapped $2.9 to mark a new 7-year high, only to break it a few hours later. Just minutes ago, it went on the run once again, this time tapping $3 for the first time since January 2018.
The next mark in sight is the all-time high registered back then of $3.4 (according to CoinGecko). This rally comes on the heels of massive whale accumulations, as well as other possible reasons which we have discussed here.
Popular crypto analyst Ali Martinez outlined another growing part of the overall Ripple ecosystem. He noted that the number of massive transactions with value of over $1 million has hit 341 in the past 24 hours, which is a substantial increase compared to the previous days.
The number of transactions over $1 million on the $XRP network is on the rise, hitting 341 transactions in the past 24 hours, shows on data from @santimentfeed. pic.twitter.com/a2eHLsitlq
— Ali (@ali_charts) January 15, 2025
It’s worth noting that XRP’s latest surge came just a few hours after the US CPI numbers came out. The entire market headed north, with BTC reclaiming $99,000, but XRP has once again performed more impressively.
This article first appeared at CryptoPotato
