What is pushing Ripple (XRP) price up?
The price of Ripple’s XRP token is up 26.9% in the past week and 6.9% in the past 24 hours, outperforming most of the top cryptocurrencies like Ethereum and Bitcoin which are struggling to make considerable gains.
At press time Ripple’s XRP was trading at $0.4326.
Factors contributing to XRP’s recent price rise
There are two main factors believed to be behind the recent XRP price surge and they are increased trader optimism and high whale movement.
Trader optimism on XRP has increased considerably despite the ongoing Ripple lawsuit against the US SEC. majority of traders believe that XRP has the most bullish set-up in the crypto market with a potential for a further breakout.
One of the things that have increased traders’ optimism about XRP is the recent visit of Caroline D. Pham, an American attorney who serves as a commissioner of the Commodity Futures Trading Commission (CFTC) to Ripple Labs. The visit raised speculations that the XRP would be classified as a commodity rather than security as the SEC has been insinuating.
There has also been significant whale movement over the past few days with the two most recent whale movements being a transfer of 30 million XRP tokens and another 261 million XRP tokens between wallets.