Why Did The XRP Price Surge To $0.64 Today?
December 25 2023 - 8:30AM
NEWSBTC
The XRP price is on a war path today and has already begun to
rally. Interestingly, this rally is coming at a time when the rest
of the crypto market is seeing a slowdown with spots of losses here
and there. So what is driving the XRP price rally? Ripple Seeing
Some Positive Upsides A lot of the positive sentiment that has
triggered the XRP price rally can be traced back to its parent
company, Ripple. Ripple which has had a rally outstanding year
continues to seem more upside, especially in the FTX bankruptcy
case. Related Reading: Crypto Veterans Team Up With New Proposal To
Send LUNC And USTC To $1 In a new development, a court filing
showed that Ripple is set to claim around $11 million in the wake
of the FTX collapse. The claim is actually being made by Ripple
Singapore against Alameda assets. So in the event of a
distribution, Ripple will be receiving a payout from FTX.
Additionally, Ripple has received support from Kraken, one of the
largest crypto exchanges in the world, in an ongoing lawsuit. The
lawsuit titled Zakinov v. Ripple is a battle that encompasses the
security status of the XRP token. As a result, the Kraken crypto
exchange, as well as others in the country, are being asked to
submit data on customers who traded XRP. However, the exchanges are
fighting back and Kraken has backed Ripple in the lawsuit, citing
that sharing customers’ data could be interpreted as the exchange
siding with the plaintiff (Zakinov). XRP sees a bullish impulse to
$0.64 | Source: XRPUSD On Tradingview.com A Bullish Month For XRP
Price In addition to the positive news that has emerged around
Ripple recently, the XRP price has also entered a period that is
considered to be incredibly bullish for its price. According to
historical data, December has always been the best-performing month
for XRP. The highest average monthly returns for the XRP price over
the years have seen December emerge at more than 100% of the
performance across other months. So if this holds, the altcoin’s
price could continue to rally as the year runs to a close. Related
Reading: Bitcoin Downfall: Arthur Hayes Reveals What Will Make The
Pioneer Crypto Fail Q4 is also the best quarter for the coin, no
doubt as a result of the outperformance that has been recorded by
the coin, especially in the month of December. Thus, it is not out
of the ordinary that the XRP price is surging today while other
cryptocurrencies are down. There have also been talks of a possible
burn of all of the XRP tokens held by Ripple in escrow. Naturally,
a burn of this magnitude would cause XRP’s price to explode. But
the speculation continues to drive the price for now. At the time
of writing, XRP is trending at $0.64 after rising around 4% in the
last 24 hours. Featured image from Coinpedia, chart from
Tradingview.com
Internet Computer (COIN:ICPUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Internet Computer (COIN:ICPUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024