Download App
iOS & Android

Why is XRP price up today?

Validated Media

The price of XRP has jumped by 4.65% in the last 24 hours to reach $0.542 on May 25, mirroring gains elsewhere in the cryptocurrency market.

XRP/USD vs. TOTAL crypto market capitalization four-hour price chart. Source: TradingView

Primary catalysts driving the XRP price upward today include the growing buzz around the introduction of spot XRP exchange-traded funds in the United States and a growing accumulation sentiment among whales.

XRP ETF launch hopes boost price

XRP price climbed on hopes that Wall Street would launch XRP ETFs in the future. 

For instance, Standard Chartered analyst Geoffrey Kendric has identified Solana and XRP as potential ETF contenders after the approval of spot Ether  

ETFs in the United States. However, he says these crypto ETFs will launch around 2025.

Source: X

"For now, the dominance of Bitcoin and Ether will continue to rise, with a few selective ‘next in line’ winners emerging as well," Kendric added.

Coinbase relists XRP in New York

XRP's gains today are part of an uptrend that started on May 24, when Coinbase relisted the cryptocurrency for its clients in New York.

XRP/USD daily price chart. Source: TradingView

The exchange had previously delisted XRP across its U.S. markets in January 2021 due to a lawsuit filed by the U.S. Securities & Exchange Commission (SEC) against Ripple, XRP's parent company.

Coinbase's relisting of XRP comes on the heels of the House of Representatives passing the FIT21 bill on Wednesday. This bill, which garnered strong bipartisan support, aims to establish clear regulatory guidelines for operating the cryptocurrency industry in the United States.

XRP whales buy $55 million worth of tokens

XRP price gains today further coincides with signs of accumulation among its richest investors, also known as "whales."

On-chain data shows larger wallets (100 million - 1 billion coins) witnessing an increase in their XRP holdings. Meanwhile, wallets holding 10 million - 100 million coins have the highest share of XRP supply. On the other hand, smaller wallets (100,000 - 1 million coins) have seen a slight decrease in their share over time.

XRP supply distribution among whales. Source: Santiment

This chart indicates strong whale support behind the ongoing XRP price rally.

XRP price ascending triangle pattern

From a technical perspective, XRP's gains are part of a rebound that started after testing the lower trendline of its prevailing ascending triangle pattern.

XRP/USD daily price chart. Source: TradingView

Ascending triangle patterns in a downtrend are considered bearish continuation patterns. They resolve when the price breaks below the lower trendline and falls by as much as the triangle's maximum height.

Therefore, depending on the breakdown point, XRP's price would risk declining toward the $0.432-0.467 range in a bearish scenario for June. Nonetheless, XRP is currently eyeing an extended rebound toward the triangle's upper trendline at around $0.560 by May.


All Comments

Recommended for you

  • Cointime June 22th News Express

    1. 21 million LINK flowed out of the Chainlink non-circulating supply contract 3 hours ago, equivalent to approximately US$295 million

  • Bitcoin’s blockchain bandwidth utilization exceeds 90% for the first time since April halving

    Since the halving event in April, the blockchain bandwidth usage rate of Bitcoin has exceeded 90% for the first time. The increase in bandwidth usage after the halving is mainly attributed to the adoption of new token standards, including Runes and BRC-20. Dune Analytics data shows that the transaction volume involving these two token standards has significantly increased, especially on April 23, when the transaction volume of Runes exceeded 750,000.

  • Rapper 50 Cent claims that his X account was hacked, and the hacker promoted cryptocurrency and defrauded about $300 million

    On June 22nd,famous rapper Curtis James Jackson III (stage name "50 Cent") claimed that his former Twitter account and website were hacked, resulting in hackers promoting a cryptocurrency scam and defrauding victims of $30 million.The hackers created a new cryptocurrency called "GUNIT" and used 50 Cent's large following (approximately 12.9 million fans) to attract more investors and drive up the price, then drained its value, causing the token price to plummet to $0.00016. On June 21st, 50 Cent posted on Instagram to his 32.8 million fans about the hack and admitted that a large amount of funds from victims had been lost from the project. "Twitter quickly locked my account. Whoever did this, got $30 million within 30 minutes," 50 Cent claimed, stating that he had no involvement with this cryptocurrency scam.

  • Trump campaign returns excess donations to Gemini

    Donald Trump's campaign team has returned donations exceeding the legal limit to the United States cryptocurrency exchange Gemini's co-founders Cameron Winklevoss and Tyler Winklevoss. Earlier, Gemini co-founders Cameron Winklevoss and Tyler Winklevoss tweeted that they had each donated 1 million US dollars worth of Bitcoin (15.47 BTC) to the Trump campaign, exceeding the maximum limit of $844,600 per person that the Trump committee can legally accept.

  • Glassnode: Bitcoin miners have not "completely sold off" and may be in the break-even period

    Glassnode Chief Analyst James Check said that Bitcoin miners may be struggling, but they may not have fully entered a bear market level. They mine 10 bitcoins and then sell 10 bitcoins. Miners must adapt and adjust fees to become their main source of income, forcing the industry to further innovate and apply effective capital management.

  • Jupiter Lianchuang: A new PPP mechanism needs to be invented to prove that there is a better alternative than PVP

    Meow, co-founder of Jupiter, posted on social media stating that PPP (Participant-Platform-Protocol) is very important, otherwise they will devour each other before achieving all the dreams of changing the world.Currently, incentive measures strongly favor PVP (Participant-Value-Protocol), but everyone feels worse about our industry than ever before. Now we need to invent new PPP mechanisms and use them to prove that there are better alternatives than PVP, otherwise we will just blame each other all day and say, "Yes, that's how the game is played."

  • DePIN developer Verida completes $5 million seed round

    Verida, a DePIN network developer, has completed a $5 million seed round of financing with a post-investment valuation of $50 million. Participating investors include O-DE Capital Partners, ChaiTech Ventures, Simurg Labs, Gate Labs, HASH CIB, Bison Capital, Amesten Capital, and Evan Cheng from Mysten Labs. The new funds will be used to develop Verida's personal data storage infrastructure, providing decentralized storage and encryption services for user personal information.

  • He Yi: Projects with high valuations cannot only be judged by market value, the era of haircuts may be coming to an end

    Binance co-founder He Yi wrote on Binance Square: "2017 was the era of ICOs, where you could make money as long as you got a share. In 2021, with the rise of DeFi, as long as you move fast, you can make money by participating in yield farming. Buying new instead of old is also a typical feature of this period. However, now IEOs are generally considered to have legal risks in most countries, so they can only be airdropped and priced by the market. This means that if there is a large circulation, the opening price of the project will be relatively stable, such as BB and LISTA, but compared to 2021, the rise is still too fast, lacking sufficient washing-out process.

  • A whale deposited 12.66 million WIFs into Binance in the past two days, equivalent to about 23.4 million US dollars

    According to Lookonchain monitoring, in the past 2 days, a whale has deposited 12.66 million WIF coins into Binance, which is equivalent to approximately 23.4 million US dollars.

  • A total of 800 million XRP were locked to Ripple custody addresses this morning, worth approximately $476 million.

    According to Whale Alert monitoring, a total of 800 million XRP were locked in three transfer transactions to Ripple's custody address this morning, with a value of approximately 476 million US dollars.