The price of the native token of the XRP Ledger, $XRP, has surged to a two-month high amid a wider cryptocurrency market rally that saw the price of the flagship cryptocurrency Bitcoin ($BTC) reach a 16-month high.
The crypto market rally, which saw XRP’s price rise over 15% over the past week and over 5.4% in the last 24-hour period to now trade at $0.565, was based on optimism on the potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States, after BlackRock’s proposed iShares spot Bitcoin ETF was listed on the Depository Trust & Clearing Corporation (DTCC), which provides post-trading, settlement, custody, and information services for Nasdaq.
XRP has notably been outperforming a large number of altcoins over a number of factors, including the U.S. Securities and Exchange Commission (SEC) dropping its securities violations charges against Ripple’s executives, which helped the cryptocurrency achieve its largest single-day surge in months.
According to on-chain analytics firm Santiment, the rise can also be attributed to “smart money” investors who hold between 10,000 and 10 million XRP, which have been accumulating rapidly to now hold 29.5% of the cryptocurrency’s supply.
As CryptoGlobe reported, popular cryptocurrency market analyst Dark Defender has recently revealed they remain optimistic on the price of XRP, holding onto a bold $5.58 price target which would mean a rally of over 1,000% from the cryptocurrency’s current level.
On top of that, Linda P. Jones, a former Morgan Stanley executive with an extensive background in investment banking, shared her nuanced analysis on social media, revealing she is now even more bullish on XRP after Coinbase launched XRP perpetual futures for non-US investors, among other derivatives.
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