XRP Surges Past $1 Mark, Reaching Three-Year High, and Overtakes Dogecoin in Market Capitalization

According to U.Today, XRP has experienced a significant surge, surpassing the $1 mark and reaching a three-year high. This increase has propelled XRP to the sixth position

XRP price has surged past the $1 mark, reaching a three-year high and propelling it to the sixth position in the cryptocurrency rankings by market capitalization, surpassing Dogecoin.

According to U.Today, the cryptocurrency's price has soared by over 85% in the past week, reaching a peak of $1.268 on Monday. This is the highest level XRP has reached since November 11, 2021.

The surge in XRP price is being attributed to favorable regulatory developments and increased activity from large holders, also known as 'whales.'

A lawsuit filed by a coalition of state attorneys general and the DeFi Education Fund against the SEC challenges the regulator's authority over digital assets, indicating a shift in the regulatory landscape.

A recent report by Santiment also highlights the role of large holders in XRP's price surge. According to the analysis, the cryptocurrency's price is being driven by key whale and shark wallets holding between 1 million to 100 million XRP tokens.

This group of large holders has accumulated an additional 453.3 million XRP, valued at $526.3 million, over the past week. However, the analysis also notes that retail traders are selling off their XRP tokens during minor rallies.

Wallets with less than a million XRP have offloaded 75.7 million tokens, worth $87.9 million, during this period. Historically, when key stakeholders increase their holdings, it leads to favorable market cap growth, which is currently the case for XRP.

The cryptocurrency's market capitalization has risen to $60.39 billion, surpassing Dogecoin's $53.29 billion, and marking a significant milestone as it breaks the psychological $1 level.

The bullish momentum for XRP is seen as a strong positive signal, with potential resistance levels at $1.50 and $2 if the upward trend continues. However, there is a possibility of a price retracement if profit-taking occurs.

In such a scenario, support is expected around the $1 mark in the intermediate term. The recent developments and market dynamics highlight the volatility and rapid changes in the cryptocurrency landscape, with XRP's recent performance underscoring its potential for further growth.