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Highlights
- XRP has surged by over 13%, approaching its all-time high (ATH) with just a 17% gap.
- Whale accumulation continues, with large holders adding 37% more XRP over the last two months.
- XRP faces ongoing legal resistance from the SEC, with Ripple’s leadership critical of the regulatory stance.
XRP, the digital asset focused on cross-border payments, is currently the top performer among the top 50 cryptocurrencies by market capitalization. On January 15, XRP saw a significant daily gain of over 13%, reaching an intraday high of $2.87 during trading in Asia. As a result, XRP is now just 17% away from its all-time high, which was set nearly seven years ago. However, a slight pullback has brought its price down to $2.80 at the time of writing, maintaining strong momentum.
Whale Accumulation Fuels XRP's Surge
One of the key factors behind XRP’s recent surge is continued accumulation by large holders. Santiment, a market analytics firm, reported that wallets holding between 1 million and 10 million XRP have significantly increased their positions. Since November 12, these "whales" have added around 37% more XRP to their holdings, totaling approximately $3.8 billion worth of the digital asset. The large-scale accumulation has provided considerable support for XRP’s price rally, with these whales now controlling a significant portion of the asset’s supply.
XRP's Legal Struggles Persist
Despite XRP’s bullish performance, the cryptocurrency faces ongoing legal challenges, particularly from the U.S. Securities and Exchange Commission (SEC). The SEC has refused to delay filing its brief in an appeal against a judgment that favored Ripple Labs, the company behind XRP. Ripple’s chief legal officer, Stuart Alderoty, criticized the SEC’s stance, labeling it a "waste of time and taxpayer dollars" and suggesting that SEC Chairman Gary Gensler’s regulatory approach was coming to an end with his planned departure. Ripple CEO Brad Garlinghouse echoed this sentiment, accusing Gensler of pursuing a “failed regulation-by-enforcement agenda.”
The Broader Market Landscape Altcoins Perform Well
While XRP continues to attract attention, other altcoins are also performing well. Dogecoin (DOGE) gained 5%, surpassing $0.36, while Cardano (ADA) increased by 6%, reclaiming the $1 level. Stellar Lumens (XLM), another cross-border payment-focused asset, surged by 8% to reach $0.47. Additionally, AI-related tokens saw a boost following a report from Franklin Templeton, which predicted that AI agents would revolutionize social media content generation in the near future.
XRP's Market Position Strengthens Despite Legal Challenges
XRP has experienced a remarkable surge, drawing the attention of both traders and whales as it nears its all-time high. While its market capitalization of $160 billion places it third in the rankings behind Bitcoin and Ethereum, XRP remains a powerful force in the cryptocurrency market. The ongoing whale accumulation and Ripple's stance against SEC’s regulatory actions have played a significant role in this price movement. However, the legal battles continue to linger, adding an element of uncertainty to XRP’s path forward. As the market progresses, XRP’s next moves will be closely watched, particularly by those closely tracking its legal outcomes and whale activity.
