Data from cryptocurrency tracking firm CoinGecko shows that XRP is once again taking centre stage, rising more than 17% to hit a multi-month high of $0.70.
With its latest price spike, the contentious token—which is linked to Ripple—has eclipsed almost all of the main cryptocurrencies.
According to CoinGecko statistics, only Dogecoin (DOGE) has been able to surpass XRP in the top 20. The flagship meme coin’s price has increased by over 20%.
Following Canary Capital’s filing with the U.S. Securities and Exchange Commission to introduce a spot HBAR ETF, Hedera (HBAR) has outpaced both Dogecoin and XRP.
After gaining about 25%, Bonk (BONK), a joke coin based on Solana, is now the highest-performing cryptocurrency among the top 100.
Going “nutty”
According to DonAlt, a cryptocurrency trader using a pseudonym who has almost 600,000 followers on the social networking platform X, XRP is presently becoming “nutty.” According to the chartist, this was a warning sign for earlier rallies that occurred throughout this market cycle. But in past bull cycles, XRP would also serve as a forerunner of alt seasons. The trader is therefore unsure on how to evaluate the current XRP rise.
Bulls in XRP may identify a number of bullish elements that could be influencing the token’s recent price spike. According to U.Today, there are currently a number of spot XRP ETF registrations in the US, and Brad Garlinghouse, the CEO of Ripple, has said that the SEC would undoubtedly approve such a product.
In the near future, it is anticipated that the SEC will abandon all non-fraud crypto cases. Another positive driver for the coin might be this.
