- XRP reached $2.50, its highest price set by positive political and regulatory changes.
- Whale wallets holding XRP accumulated 679 million tokens in three weeks, setting whale reserves to a six-year high.
- Ripple’s expected stablecoin debut and growing crypto U.S. regulations are propelling market performance.
XRP, Ripple’s asset, has reached its high price since January 2018, rising from $0.60 to $2.50. This shift comes after transitions in the U.S. political and regulatory field following the presidential elections. Ripple CEO Brad Garlinghouse earlier stated that U.S.-based crypto companies are aided by the Trump administration’s pro-crypto stance, contrasting the Democrat rule that was opposing to the crypto industry.
Whale Accumulation Hits a Six-Year High
Large XRP investors have played a vital role in the token’s recent price wave. Data from Santiment on X shows wallets holding between 1 million and 10 million XRP purchased 679 million tokens in three weeks. The cumulative reserve of these whales recently reached a six-year high. This increase comes as retail investors cashed out for profits, providing an opportunity for whales to accumulate.
Source: Santiment(X)
Stablecoin Launch on the Horizon
Ripple has also announced plans to release a USD-pegged stablecoin, RLUSD, which is anticipated to debut soon. The New York Department of Financial Services is reportedly close to advocating the product.
The debut is expected as early as December 4, adding to the market’s expectations. Ripple’s entry into the stablecoin industry could expand its reach and functionality, especially as the U.S. regulatory environment evolves.
Regulatory Changes Fuel Optimism
U.S. regulatory changes have been another factor in XRP’s recent performance. With pro-crypto promises from the current administration and SEC Chair Gary Gensler’s upcoming departure in January, a more favourable landscape is emerging.
During the prior administration, Ripple and other crypto firms faced scrutiny from the SEC. Since the elections, more than $1.3 billion has entered crypto markets, with XRP seeing substantial gains, potentially linked to reduced regulatory pressure. XRP’s rapid growth, coupled with whale accumulation, regulatory shifts, and its upcoming stablecoin launch, has positioned it as a key player in the evolving cryptocurrency market.
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