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San Francisco-based enterprise blockchain company Ripple has released its latest quarterly report, in which it highlighted XRP's massive price rally that took place recently.
Notably, Ripple believes that the recent buyers of the token "were buying to hold."
This assumption is based on the fact that the rally was mainly driven by spot volume instead of "short-term speculative bets." This indicates that it might be not just a flash in the pan since the buyers likely have confidence in the token's "long-term potential."
The spot-driven rally was dominated by Binance, South Korea-based Upbit, and Coinbase.
The token's average daily volume reached an impressive $3.4 billion on top-tier exchanges.
Alex DovbnyaAs reported by U.Today, the XRP token reached a new record all-time peak on major spot exchanges earlier this month.
The token is benefiting from anticipations of the new SEC administration adopting crypto-friendly policies. Ripple is predicting that the industry might experience "unprecedented growth" due to the recent change in SEC leadership.
Ripple, of course, has been engaged in a yearslong legal battle with the agency. In its recent report, the company said that the XRP had rebounded after years of "market manipulation" perpetrated by the SEC.
Growing institutional demand has also likely contributed to the current XRP rally. Ripple has noted that various issuers filed for exchange-traded funds based on the cryptocurrency during the fourth quarter.
The Q4 report shows that Ripple currently has 4.8 billion XRP tokens available in its wallets. On top of that, roughly 38 billion tokens are locked up in escrow wallets.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Vladislav Sopov
Dan Burgin