XRP is currently the standout asset in the cryptocurrency market's top 50 by market capitalization, marking a notable 13% increase within a single day. This uptrend propelled the cross-border payment token to an intraday high of $2.87 during Wednesday morning trading in Asia. Not far from its recent cycle peak, XRP is now a mere 17% shy of its all-time high, despite a slight retreat to $2.80.
Over the past two weeks, the asset has soared by approximately 33%, setting it apart from other altcoins, which have seen declines.
XRP's momentum can be partly attributed to significant accumulation by large-scale investors. On January 15, Santiment highlighted that wallets holding between 1 million and 10 million XRP are continuing to acquire substantial amounts, now owning over 37% more coins than two months prior. This accumulation has injected roughly $3.8 billion into XRP since November 12.
Market observers are pleased to witness XRP, the third-largest cryptocurrency by market cap, hit $2.69 for the first time since December 17, 2024. This positive sentiment is bolstered by ongoing whale activity, with large holders enhancing their positions. Additionally, on January 15, Santiment expressed optimism regarding XRP's potential applications in banking and financial transactions. The firm noted predictions of considerable price and market cap growth, driven by speculation about potential ETF approvals which could open the door to substantial investments in XRP. Presently, XRP’s market cap stands at $160 billion, placing it third behind Ethereum and Bitcoin.
In regulatory developments, the Securities and Exchange Commission (SEC) has denied a request to delay a brief filing relating to its appeal against a court ruling involving the fintech firm Ripple.
Stuart Alderoty, Ripple's chief legal officer, criticized this move as futile, remarking that Chair Gary Gensler's departure next week marks the end of his extensive campaign against the crypto industry. Ripple CEO Brad Garlinghouse echoed these sentiments, characterizing Gensler's steadfastness to his contentious "regulation-by-enforcement" approach as characteristic of his tenure.
Beyond XRP, other altcoins have also shown promise. Dogecoin (DOGE) gained 5%, reaching above $0.36, while Cardano (ADA) appreciated by 6%, reclaiming the $1 threshold.
Stellar Lumens (XLM), which shares ties with Ripple, surged 8% to hit $0.47. Meanwhile, a recent report from Franklin Templeton has projected that AI agents will transform social media content creation this year, boosting interest in AI-related tokens.