XRP Reaches Multi-Month High Amid Bullish Momentum

U.Today reports that with a 17% surge to a multi-month high of $0.70, XRP is once again the star of the show, according to statistics from cryptocurrency tracking firm CoinGecko.

XRP price skyrocketed more than 17% to reach $0.70, outpacing major cryptocurrencies and grabbing the spotlight in the crypto market.

One prominent trader highlighted the "nutty" price movement as XRP outperformed almost all major cryptocurrencies amid growing optimism around ETF approvals and potential SEC case dismissals.

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With a 17% surge to a multi-month high of $0.70, XRP was once again the star of the show, according to statistics from cryptocurrency tracking firm CoinGecko.

The contentious Ripple coin recently outpaced the price increases of almost all major cryptocurrencies. Only one cryptocurrency among the top 20 managed to outperform XRP, as the controversial token continued to rally.

Dogecoin, Hedera Outshine XRP Gains

The only cryptocurrency that outperformed XRP in the top 20, according to statistics from CoinGecko, was Dogecoin (DOGE). More than 20% was added to the value of the main meme coin.

Meanwhile, Hedera (HBAR) emerged as a top performer after Canary Capital's SEC filing to introduce a spot HBAR ETF. HBAR’s gains surpassed those of Dogecoin and XRP, while Bonk (BONK), a Solana-based meme coin, achieved nearly 25% gains, becoming the top performer in the top 100.

Prominent Trader Analyzes XRP’s ‘Nutty’ Market Moves

DonAlt, a bitcoin trader who goes by a pseudonym and has about 600,000 followers on the X social media platform, noticed XRP’s “nutty” market moves.

He noted that such surges in this market cycle have previously served as signals to be cautious. However, in past bull cycles, XRP rallies were known to mark the start of alt seasons, leading the trader to express uncertainty over how to interpret this particular surge.

What’s Behind XRP's Rally?

Some bullish XRP proponents have highlighted multiple factors that could be driving the token’s price increase. Ripple CEO Brad Garlinghouse hinted at the potential approval of a spot XRP ETF by the SEC, as several registrations are already being processed in the U.S.

Additionally, the SEC is expected to drop all non-fraud-related crypto cases soon, which could provide further momentum for XRP, sparking optimism for continued price growth.