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Why Did The XRP Price Surge To $0.64 Today?
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Why Did The XRP Price Surge To $0.64 Today?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
XRP Price

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The XRP price is on a war path today and has already begun to rally. Interestingly, this rally is coming at a time when the rest of the crypto market is seeing a slowdown with spots of losses here and there. So what is driving the XRP price rally?

Ripple Seeing Some Positive Upsides

A lot of the positive sentiment that has triggered the XRP price rally can be traced back to its parent company, Ripple. Ripple which has had a rally outstanding year continues to seem more upside, especially in the FTX bankruptcy case.

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In a new development, a court filing showed that Ripple is set to claim around $11 million in the wake of the FTX collapse. The claim is actually being made by Ripple Singapore against Alameda assets. So in the event of a distribution, Ripple will be receiving a payout from FTX.

Additionally, Ripple has received support from Kraken, one of the largest crypto exchanges in the world, in an ongoing lawsuit. The lawsuit titled Zakinov v. Ripple is a battle that encompasses the security status of the XRP token.

As a result, the Kraken crypto exchange, as well as others in the country, are being asked to submit data on customers who traded XRP. However, the exchanges are fighting back and Kraken has backed Ripple in the lawsuit, citing that sharing customers’ data could be interpreted as the exchange siding with the plaintiff (Zakinov).

XRP price chart from Tradingview.com

XRP sees a bullish impulse to $0.64 | Source: XRPUSD On Tradingview.com

A Bullish Month For XRP Price

In addition to the positive news that has emerged around Ripple recently, the XRP price has also entered a period that is considered to be incredibly bullish for its price. According to historical data, December has always been the best-performing month for XRP.

The highest average monthly returns for the XRP price over the years have seen December emerge at more than 100% of the performance across other months. So if this holds, the altcoin’s price could continue to rally as the year runs to a close.

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Q4 is also the best quarter for the coin, no doubt as a result of the outperformance that has been recorded by the coin, especially in the month of December. Thus, it is not out of the ordinary that the XRP price is surging today while other cryptocurrencies are down.

There have also been talks of a possible burn of all of the XRP tokens held by Ripple in escrow. Naturally, a burn of this magnitude would cause XRP’s price to explode. But the speculation continues to drive the price for now.

At the time of writing, XRP is trending at $0.64 after rising around 4% in the last 24 hours.

Featured image from Coinpedia, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

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