Here are 3 Reasons XRP Is Rising, Ripple CEO Shares His View

Amidst the XRP price explosion, analysis has identified the three likely factors spurring the asset's recent surge to multi-year highs. XRP has recently become one of the brightest crypto assets, drawing attention from market spectators and speculators alike. For context, the asset has surged over 400% in the past month, surpassing its price peak in the last cycle. Amidst the surging traction, questions about the asset’s driving force have emerged. With investors growing increasingly curious about what is behind the recent XRP face-melting price upsurge, here are three substantial reasons. Gensler’s Resignation The XRP Ledger (XRPL) native token has been one of the biggest beneficiaries of the planned resignation of the Securities and Exchange Commission (SEC) chair Gary Gensler. For context, XRP broke past a three-year price high of $1.40 after the unpopular regulator’s boss announced he would leave office in January 2025. After XRP trumped Solana and USDT to become the third-largest cryptocurrency, Ripple’s CEO Brad Garlinghouse shared his thoughts on the remarkable achievement. In a tweet, Garlinghouse tied the XRP’s recent form discovery to Gensler’s resignation, noting that “after Gensler, all boats rise.” https://twitter.com/bgarlinghouse/status/1863587414331006998 Ripple’s CLO Stuart Alderoty also shared the same narrative. After XRP’s push past the $150 billion market cap, he mentioned that it seems the SEC has been the sole proprietor of the prolonged price suppression seen in the crypto market. Koreans Steering XRP’s Explosion Meanwhile, data shows a chunk of XRP’s trading volume since it resumed its bullish upsurge has come from South Korea. On-chain analytical firm Scopescan indicated that Upbit played a crucial role in the XRP price uptick, as a considerable amount of the asset’s liquidity came from the exchange. Per Scopescan’s analysis, the 24-hour trading volume on Upbit’s XRP/KRW spot pair surged to $3.8 billion, accounting for almost 30% of the exchange’s total volume. Notably, this staggering trading activity on XRP was 11 times that of Bitcoin and also beats the XRP volume on Binance, the largest crypto exchange by volume. Furthermore, Bithumb, another South Korean exchange, also saw a similar trend. On Bithumb, XRP’s trading volume surged to $1.12 billion, accounting for 32% of its total volume.

Meanwhile, other exchanges also saw increased trading traction towards the third-largest cryptocurrency by market cap. For instance, XRP’s trading volume on Coinbase accounted for 22.29% of the exchange’s 24-hour volume, beating that of Bitcoin by three and a half times. Massive Accumulation from Coinbase CryptoQuant’s CEO Ki Young Ju also shared another propellant of the XRP price surge. He tweeted that XRP whale accumulation on Coinbase was a major driving force in the latest rally. Young Ju argued that in the past 30 days, the Coinbase XRP Premium—an indicator of buying pressure on an exchange—has ranged between 3% and 13%. Meanwhile, Upbit's premium has remained almost insignificant, indicating that most of the XRP accumulation spree came from Coinbase. XRP PremiumIn the meantime, XRP trades at $2.62, up 8% in the past 24 hours.