What is pushing the Ripple (XRP) price up?

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The price of Ripple’s XRP token is up 26.9% in the past week and 6.9% in the last 24 hours, outperforming most of the top cryptocurrencies like Ethereum and Bitcoin, which are struggling to make significant profits .

At the time of writing, Ripple’s XRP was trading at $0.4326.

Factors Contributing to XRP’s Recent Price Rise

There are two main factors behind XRP’s recent rise in price and they are increased traders’ optimism and high whale movements.

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Traders’ optimism about XRP has risen significantly despite the pending Ripple lawsuit against the US SEC. the majority of traders believe that XRP has the most optimistic setup in the crypto market with a potential for further breakthrough.

One of the things that has increased traders’ optimism about XRP has been the recent visit to Ripple Labs by Caroline D. Pham, a US attorney who serves as Commissioner of the Commodity Futures Trading Commission (CFTC). The visit sparked speculation that the XRP would be classified as a commodity rather than a security, as the SEC has insinuated.

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There has also been a significant whale move in recent days, with the two most recent whale moves being a transfer of 30 million XRP tokens and another 261 million XRP tokens between wallets.

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