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Ripple’s XRP has surged to $2.49, a seven-year high, with TechCrunch’s founder dubbing it a beast. The token’s 70% price rally comes amid whale purchases and renewed hope for regulatory clarity, leaving the crypto world in awe.
XRP Is a Beast: Michael Arrington’s Viral Reaction
After XRP's price soared beyond $2 on Sunday, Michael Arrington took to Twitter to remark on the massive increase in value. With just the words "XRP is a beast," the founder of TechCrunch sent a brief message to his X followers.
The Ripple-affiliated cryptocurrency XRP shocked the crypto industry and its community with an astounding 70.55% price spike, going up from $1.42 last Thursday until early today. Sunday saw XRP finally break $2, and earlier today it hit $2.42.
Following a further 10% decline, XRP staged a modest rebound and is now trading at $2.30 per coin.
XRP Market Cap Surges Amid $140 Billion Milestone
XRP's market cap has soared to about $140 billion, putting it back in third place on the widely-used CoinMarketCap website. However, Tether's USDT stablecoin has already moved ahead of XRP by one spot.
In a report published on X by the well-known on-chain data aggregator Santiment, XRP's price reached an almost seven-year high of $2.49, the first time it had done so since January 8, 2018.
Whale Activity Pushes XRP Higher
At the same time, huge wallets with a holding of one to ten million XRP have bought nearly 680 million XRP coins, which were valued at $1.66 billion when the tweet was published. Beyond that, for the first time in XRP's history, nonempty XRP wallets acquired around 5.5 million XRP.
In addition, as reported by U.Today, Ripple released 800 million XRP on December 1 after taking one billion currencies out of escrow and conducting a big regular XRP release.
SEC Shakeup Sparks Optimism for Crypto Regulations
Incredible price gains for XRP occurred shortly after Gary Gensler, the current head of the SEC, announced his resignation for January of next year.
According to experts, the price rally was also driven by hopes that the incoming US presidential administration will pass regulations that adequately govern cryptocurrencies. This would give crypto companies the green light to operate fearlessly in the US market, free from the threat of legal action from the SEC over unregistered securities claims.
When the SEC first started its protracted case against Ripple and its top executives, Brad Garlinghouse and Chris Larsen, in December 2020, this was the situation.
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