Ripple (XRP) Surges More Than 36% in 4 Days. Why?
The XRP token led gains among major cryptos with a 37% increase in just four days this weak. Activity in the altcoin network is at a record level.
The XRP price exceeded $0.87, and you can buy it on the LATOKEN crypto exchange. In just one day, the Ripple token has added almost 12% to its price, and its capitalization has increased to $41.3 billion, according to CoinGecko. The token has risen in price by 37% in 4 days. Currently, the asset ranks eighth in the list of the largest cryptocurrencies by capitalization.
The crypto market as a whole continued its recovery on the morning of February 7 in Europe after a surge over the weekend, with major cryptocurrencies showing positive growth over the past 24 hours.
The XRP breakout is most likely associated with the rise in the Bitcoin price; it has advanced 13% over the past week. However, prices might have also surged amid positive sentiment around the well-known, high-profile SEC court case.
On February 8, Bitcoin hit $45,000 for the first time since January 20. Currently, Bitcoin is trading at approximately $45,570 on the LATOKEN crypto exchange.
Another possible reason is a surge in active addresses on the cryptocurrency network that began in mid-January. Such data was provided by the analytical company Santiment. According to analysts, activity on the XRP network is currently at an all-time high, which was last seen in November 2021.
XRP is Ripple’s internal token, which is used in the international transfer system. On December 22, 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives. The complaint alleged that Ripple raised $1.3 billion in an offering of unregistered “digital asset securities.”
You can start your XRP trading journey on the LATOKEN crypto exchange!
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