XRP Surges Towards Its Peak: Whale Movements and Ripple CEO's Support Capture Attention

XRP, Ripple's cryptocurrency, saw a pullback today after reaching levels as high as $2.9, yet it continues to move near its highest levels in recent years. XRP is only 20% below its all-time high recorded seven years ago. According to data provided by CryptoQuant, the whale activity surrounding XRP has reached new heights. This increased activity reinforces XRP's position as one of the most active altcoins in terms of trading volume.

Ripple's CEO, Brad Garlinghouse, shared an enthusiastic message to the XRP community in response to the recent surge. Garlinghouse also mentioned that the resignation of SEC Chairman Gary Gensler could have a positive effect on the cryptocurrency industry. Ripple's General Counsel, Stuart Alderoty, stated that the SEC's actions have artificially suppressed cryptocurrency prices.

The recent rise of XRP has rekindled enthusiasm within the community. Members of the popular Reddit forum r/Ripple are discussing the possibility of XRP reaching $100. Such speculation resembles formations seen during past market rallies, including the 2017 bull run. Historical trends provide context for this renewed excitement, highlighting XRP's rapid rises and subsequent drops in the past.

XRP continues to rank among the top five cryptocurrencies by market capitalization. However, it experienced a sharp decline in price following the SEC's lawsuit against Ripple in December 2020, dropping to the brink of falling out of the top ten cryptocurrencies. Despite these challenges, XRP's recent recovery and approach to record levels demonstrate the community's resilience and determination.

XRP's rise is supported by whale activity, with an impressive price increase of up to 480% over the past 30 days, fueled by a rise in investor confidence, particularly after the U.S. elections. Notably, XRP's whale activity is having a significant impact on the market, as large cryptocurrency holders, or whales, can often be decisive in market movements.

CryptoQuant analyst Woominkyu suggests that whale movements closely align with XRP price peaks, and that these whales tend to sell when prices rise. XRP's ascent is not solely confined to whale activity; the cryptocurrency recorded another significant jump with an 18% increase over the last 24 hours. However, sharp sell-offs today, particularly as U.S. trading hours approached, caused XRP to pull back to $2.3, resulting in losses from yesterday's gains.