{"id":34465,"date":"2023-12-25T13:52:57","date_gmt":"2023-12-25T17:52:57","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34465"},"modified":"2023-12-25T13:52:57","modified_gmt":"2023-12-25T17:52:57","slug":"why-did-the-xrp-price-surge-to-0-64-today","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/25\/why-did-the-xrp-price-surge-to-0-64-today\/","title":{"rendered":"Why Did The XRP Price Surge To $0.64 Today?"},"content":{"rendered":"

The XRP price is on a war path<\/a> 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?<\/p>\n

Ripple Seeing Some Positive Upsides<\/h2>\n

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

In a new development, a court filing showed that Ripple is set to claim around $11 million in the wake of the FTX collapse<\/a>. 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.<\/p>\n

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

As a result, the Kraken crypto exchange<\/a>, as well as others in the country, are being asked to submit data on customers who traded XRP<\/a>. However, the exchanges are fighting back and Kraken has backed Ripple in the lawsuit, citing that sharing customers\u2019 data could be interpreted as the exchange siding with the plaintiff (Zakinov).<\/p>\n\n

A Bullish Month For XRP Price<\/h2>\n

In addition to the positive news that has emerged around Ripple<\/a> 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.<\/p>\n

The highest average monthly returns for the XRP price<\/a> over the years have seen December emerge at more than 100% of the performance<\/a> across other months. So if this holds, the altcoin\u2019s price<\/a> could continue to rally as the year runs to a close.<\/p>\n

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<\/a> is surging today while other cryptocurrencies are down.<\/p>\n

There have also been talks of a possible burn of all of the XRP tokens held by Ripple in escrow<\/a>. Naturally, a burn of this magnitude would cause XRP\u2019s price to explode. But the speculation continues to drive the price for now.<\/p>\n

At the time of writing, XRP<\/a> is trending at $0.64 after rising around 4% in the last 24 hours.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The XRP price is on a war path<\/a> 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?<\/p>\n

Ripple Seeing Some Positive Upsides<\/h2>\n

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

In a new development, a court filing showed that Ripple is set to claim around $11 million in the wake of the FTX collapse<\/a>. 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.<\/p>\n

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

As a result, the Kraken crypto exchange<\/a>, as well as others in the country, are being asked to submit data on customers who traded XRP<\/a>. However, the exchanges are fighting back and Kraken has backed Ripple in the lawsuit, citing that sharing customers\u2019 data could be interpreted as the exchange siding with the plaintiff (Zakinov).<\/p>\n

A Bullish Month For XRP Price<\/h2>\n

In addition to the positive news that has emerged around Ripple<\/a> 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.<\/p>\n

The highest average monthly returns for the XRP price<\/a> over the years have seen December emerge at more than 100% of the performance<\/a> across other months. So if this holds, the altcoin\u2019s price<\/a> could continue to rally as the year runs to a close.<\/p>\n

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<\/a> is surging today while other cryptocurrencies are down.<\/p>\n

There have also been talks of a possible burn of all of the XRP tokens held by Ripple in escrow<\/a>. Naturally, a burn of this magnitude would cause XRP\u2019s price to explode. But the speculation continues to drive the price for now.<\/p>\n

At the time of writing, XRP<\/a> is trending at $0.64 after rising around 4% in the last 24 hours.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34465","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34465","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34465"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34465\/revisions"}],"predecessor-version":[{"id":34471,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34465\/revisions\/34471"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34465"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34465"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34465"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}