XRP, the native token of Ripple Network, pumped to action this week to a market capitalization of $73.96 billion to $152.78 billion. This pushed it to fourth place on the top 10 largest cryptocurrencies by market cap after the multi-week rally in the wake of President-elect Donald Trump’s win in the election.

The recent surge in the cryptocurrency market, particularly the rise of XRP, can be attributed to multiple factors. 

While President Donald Trump's re-election has fostered a more crypto-friendly regulatory environment, a significant catalyst has been the New York Department of Financial Services (NYDFS) signaling its intent to approve Ripple Labs' stablecoin, RLUSD. 

On November 29, Brad Garlinghouse also confirmed reports of Ripple becoming a major shareholder of Swift, in a move that will see the fintech company integrate its payments network with XRP.

Ripple’s new price level is its highest in six years, after it shot up to $2.75, its highest price in six years, after a 19% jump in just 24 hours and 108% in 7 days. 

For a token that’s had a rough four years since Ripple’s legal showdown with the SEC, this is a big moment for the fourth largest cryptocurrency by market value.

Just a month ago, XRP was chilling at $0.50, with no real signs it would go up for a big move—let alone a rally to $1, let alone $2. 

Fast forward to today, and it's a whole different story. 

The altcoin’s price has skyrocketed 456.80% in month-to-date gains and 334% in YTD gains. Its market cap, a massive $152 billion puts it ahead of big names like Solana (SOL) and Tether (USDT). 

Whale Activity is Moving Up Prices 

As per Santiment, there is also some serious whale activity. In the last weeks, wallets with between 1 million and 10 million tokens have scooped up a whopping $697.1 million worth of XRP. At today’s prices, that stash is now worth $1.66 billion. 

Safe to say, the Ripple whales were flexing hard, cranking up the buying pressure and fueling XRP’s price surge.

But it’s not just the whales making waves in XRP’s recent surge—retail investors are stepping up too. On-chain data shows a record-breaking 5.5 million XRP wallets, with a bunch of previously dormant wallets now holding balances. 

On top of that, network growth is booming, with more new addresses completing their first transactions than ever. In October, there were only 9,000 new addresses completing their first transaction and that number has grown to 54,700 during press time.

This boost in adoption and activity on the XRP Ledger suggests that if the momentum keeps up, XRP's price rally will continue in the medium-term.

XRP Daily Analysis

Today's XRP daily range sits between $2.5102 and $2.7838, showing some solid price movement within the day.

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Source: TradingView

Looking at the daily chart, the Moving Average Convergence Divergence (MACD) is staying in the positive zone. Since the MACD measures momentum, this means the bulls are still in control. Positive MACD? Bullish momentum. Negative MACD? Bears take the wheel. 

And for now, it’s all about the bulls.

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