Ripple's XRP Token Price Surge

The price of Ripple's XRP token has skyrocketed nearly 25% in the last 24 hours, reaching its highest level since November 2021, marking a significant shift for the cryptocurrency.

XRP has risen to a current price of $1.13, adding nearly $20 billion to its market capitalization since November 15, bringing it to about $65 billion. The Block's GMCI 30 index, which tracks the performance of the top 30 crypto tokens, increased by just 3% in the same period, highlighting XRP's strong performance.

Although there wasn't a specific announcement or development driving the price increase, it is likely due to traders anticipating a more favorable regulatory environment for Ripple and possible resolution of its long-standing legal battle with the SEC, which began in 2020.

Stuart Alderoty, Ripple's Chief Legal Officer, stated on X, "Please remember the SEC’s broader strategy: try to create distraction and confusion for Ripple and the industry. But honestly, it’s just background noise now. The hard part of the fight is behind us."

The price rise has also led to significant on-chain movements. One wallet transferred $90 million worth of XRP tokens, with Whale Alert reporting over $316 million in XRP transfers in the last two days.

Another bullish sign is 21Shares' recent filing for an XRP ETF, similar to its existing spot Bitcoin and Ethereum ETFs available on the U.S. stock market. Other firms like Canary Capital and Bitwise have also filed for XRP ETFs.