Ripple’s native cryptocurrency XRP experienced a significant surge today as the token crossed the $3 mark. The price of the token was as low as $2.7 yesterday but after a few developments within the market, the price of the token shot up. There has been a whale activity that has had a prominent effect on the price of Ripple, but comments from XRP’s CEO and its recent approval in New York and Texas played their part, too.
Whale Activity
As per well-know crypto analyst, Ali Martinez (ali_charts), a whale within the past 24 hours bought 120 million XRP. This purchase was made when the price of the token was as low as $2.7. This movements by whales usually imply increased investor confidence in the asset’s potential which then leads to increased acquisition by the other investors.
Read more: Ripple Whale Activity Surges
Brad Garlinghouse Advocates for Unity
Ripple’s CEO Brad Garlinghouse, recently posted on his X , talking about maximalism in the crypto industry and emphasized the importance of collaboration, stating ” The crypto industry has a real shot, here and now, to achieve the many goals we have in common, IF we work together instead of tearing each other down. This is not, and never will be, a zero-sum game.”
Speculations
In this tweet, Garlinghouse also mentioned that strategic reserves should not be created with just one token instead it should be created with multiple tokens. After this tweet, speculations have been growing around the idea of XRP becoming part of the digital asset reserve. This speculation has come up keeping in mind Ripple’s current relationship with President Donald Trump. Additionally, various well-known figures in the industry like Scott Melker, host of the podcast The Wolf of All Streets, also posted about these speculations on their X s.
Ripple’s Approval for MTL in New York and Texas
Yesterday Ripple received approval for Money Transmitter License in New York and Texas, which are considered to be stringent in of their regulations. This development has led to onboarding of new customers for Ripple and has sped up the hiring process in the U.S., this indicates the growing influence of the company within the crypto space.
XRP continues to gain traction and Ripple’s advancements are set to shape the future of the crypto industry in the coming years and because of the above stated reasons, the token has been able to surge and cross the $3 mark today.
At press time, the price of the XRP token is $3.18 with a surge of 9.2% in the last 24 hours.
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