Why is Ripple (XRP) price rising 13% daily to monthly high?

TL:DR;

While the entire crypto market is in the green today, some alternatives, such as XRP, are performing much better than many of their rivals. Perhaps some of the reasons behind Ripple’s rise could be attributed to recent whale activity as well as upcoming developments in the legal arena against the SEC. XRPUSD. Source: TradingView

The recent price performance of Ripple’s native token has defied general market movements over the past few days. Remember, the asset jumped sharply on Saturday evening, surpassing $2.5, while most other assets remained flat.

During Monday’s subsequent decline, in which BTC fell below $90,000 and ETH fell below $3,000 to hit multi-month lows, XRP took the correction in a less painful way, dropping a modest 9% to $2.33.

Since then, however, the third-largest cryptocurrency has been on a roll, outperforming its two largest rivals by a significant margin. XRP rose from this aforementioned low to $2.67 in less than a day, registering a 15% increase. This became its highest price in almost a month.

The most obvious reason behind the rise in the asset today is the revival of the broader market. However, there is more to the case given its impressive performance compared to BTC, ETH and many others.

For example, whales have been particularly active when it comes to hoarding XRP tokens. As reported last week, they acquired over a billion XRP in just a 48-hour period.

Also, the legal battle between the company behind the asset and the SEC is expected to take a turn tomorrow as the agency is due to file its opening brief within the next 24 hours. Additionally, the Commission will change its leadership over the next week as Gary Gensler will step down and the subsequent replacement is known for his pro-crypto views.

In terms of collaboration, Ripple is rumored to be collaborating with Cardano, as the latter’s founder revealed that both entities are “actively talking.” Without giving away too many details, the speculation is that Ripple’s stablecoin (RLUSD) will soon launch on the Cardano blockchain.

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