Bitcoin

when

The post <a href="https://coinpedia.org/price-analysis/why-is-the-ripple-xrp-price-up-today/" rel="noopener noreferrer nofollow">Why is The Ripple (XRP) Price Up Today?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The native cryptocurrency of Ripple Labs’ XRP Ledger payment network, the XRP token has had a remarkable comeback, surging over 20% in hours.&nbsp;
Although this sudden surge comes after a prolonged downtrend against Bitcoin, it has positioned XRP as the best-performing asset in the CoinDesk 20 Index (CD20). Meanwhile, the broader market experienced only a 5% gain.&nbsp;
<h2 class="wp-block-heading" id="h-xrp-s-struggle-and-surge">XRP’s Struggle and Surge</h2>
While the recent crypto market rallied with Bitcoin leading the race and meme coins and altcoins following, XRP had been notably absent, marking a three-year low against Bitcoin.&nbsp;
Despite today’s impressive surge, XRP remains up only 17% year-to-date, significantly lagging behind Bitcoin’s 64% gain and the broader CoinDesk 20 Index’s 54% gain. The recent upswing positions XRP at $0.74, marking its highest price since a brief spike in November.
<h2 class="wp-block-heading" id="h-various-reasons-for-xrp-s-bull-run-nbsp">Various Reasons for XRP’s Bull Run&nbsp;</h2>
XRP’s price for more than three years ago has made people make assumptions on what factors may have caused the jump. While there is no such obvious trigger that can explain the surge in this price, the large whale transactions from Binance into unknown accounts have drawn quite a lot of attention.
An incredible fact is that a transfer of <a href="https://whale-alert.io/transaction/ripple/7837C4713A0974E4A2E7E659B8CCD1E6624E6F8B37FF3DD17F93A7AD8A1F8EB0" rel="noopener noreferrer nofollow">300 million XRP</a> valued at $187 million from Binance to an anonymous wallet was the precursor to the XRP’s move in price. Then, just like this huge transaction, synonymous huge transactions involving large amounts of XRP followed.&nbsp;
Therefore, the crypto community always talks about possible whales or exchange counterparts who might be taking action in the market.
Besides the sale of whales, many other conditions contributed as the most likely factors that made the XRP price appreciate.
The factor might be Ripple’s Cross-Border Payments System. Ripple’s RippleNet is a platform that enables banks to settle cross-border payments instantly, with XRP as the key player in the global financial system.
While the XRP price has been affected by the SEC lawsuit with Ripple, the future of the token is still unclear.&nbsp;
Moreover, the tightening deadline for Ripple to submit its transaction records to the court is about to expire. In the not-too-distant future, the remedies-related decision will be passed. A proper resolution will often lead to a rise in the cryptocurrency price, creating massive bullish momentum.
<h2 class="wp-block-heading" id="h-tony-edward-s-bullish-stance-nbsp">Tony Edward’s Bullish Stance&nbsp;</h2>
Expert crypto analyst and founder of the Thinking Crypto podcast shared his XRP trading strategy on X, revealing a strategic entry point at $0.55 with a target selling price of $1.35.
<blockquote class="wp-block-quote">
 He <a href="https://x.com/ThinkingCrypto1/status/1766118490153369760?s=20" rel="noopener noreferrer nofollow">says</a>, “$XRP’s turn is coming, and it’s always a laggard. There will be pullbacks before it rips, but when it rips get ready! Could see something happen later this month.”&nbsp;
</blockquote>
Edward’s bullish outlook aligns with observations of liquidity flowing from Bitcoin to altcoins, creating favorable conditions for XRP.
XRP’s sudden surge of 20% comes after 3 long winters. Massive transactions on Binance and positivity from influential figures like Tony Edward have created a suitable environment for XRP’s resurgence. However, investors must apply caution as the SEC vs Ripple lawsuit remains unresolved.

Why is The Ripple (XRP) Price Up Today?

Table of Contents

CoinPedia News

Other articles published on Mar 12, 2024

Tweety the Looney Tunes Meme: The Innovative Crypto Project That's Making Investors Laugh

Xuirin Finance (XUIRIN) Launches Presale, Aiming to Transform the DeFi Sector

Ex-Binance CEO Ordered to Surrender Passport

Why is Bitcoin going up? Ripple CEO says this after CTO’s XRP comments…

Coinbase Ramps Up Legal Action Against the SEC as Investors Sell COIN

Mastercard Tests On-Chain Card and Advances in Web3 Payment Services

Join our free newsletter for daily crypto updates!