The cryptocurrency market is witnessing a significant surge, and XRP is one of the best performers. Recently, The digital asset surpassed $2 for the first time since 2018, marking a pivotal moment for investors.
Market dynamics indicate that the supply of XRP on exchanges is depleting rapidly, driven by escalating demand amid the ongoing bull run.
Increased Demand and Institutional Activity
The heightened demand for XRP is reflected in a notable market event: a $2.1 million order executed on Binance. This transaction has sparked discussions in the community, with one prominent voice speculating that institutional investors are behind this particular move.
He suggests that the purchase aligns with broader expectations of regulatory clarity, as U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is set to resign in January 2025. This resignation could pave the way for a crypto-friendly successor and a potential resolution to the long-standing legal battle between Ripple and the SEC.
The Coming XRP Surge
Prominent cryptocurrency advocate Kenny Nguyen (@mrnguyen007) took to X to share the developments surrounding XRP.
According to Nguyen, the reduced supply of XRP on crypto exchanges indicates growing interest. Nguyen’s post has resonated within the crypto community, further amplifying the asset’s rising prominence.
🚨 🚨 BREAKING NEWS:
XRP supply on Exchanges are getting low due to the high demand from this bull run that just started. 🪙 💰 #XRP #RLUSD #XRPETF 💎 💎 💎 💎 💎 💎 💎 💎 💎 💎 pic.twitter.com/d30dj7k20s
— Kenny Nguyen (@mrnguyen007) November 30, 2024
According to Nguyen, as XRP’s supply on exchanges reduces, and demand rises, it could cause a sharp price increase. Many crypto experts have predicted great things for XRP, and Bitboy, a popular figure in the crypto world is confident that XRP will surpass Ethereum this cycle.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
In anticipation of this historic performance, XRP tokens are flying off the shelf at exchanges. 18 billion XRP were recently moved around the market across multiple exchanges, and more traders are making significant moves in preparation for XRP’s historic run.
At the time of press, XRP is trading at $2.31, with a trading volume of $27.37 billion. This represents an 87% rise from yesterday, making it the fourth most traded asset in the market at press time.
XRP has also surpassed Solana, BNB, and USDT, and is the third-largest cryptocurrency by market cap. According to Bitboy, Ethereum cannot hide from XRP, and if the digital asset keeps rising, it could easily surpass ETH, as ETH has not mirrored the broader market’s rapid ascent.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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