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The price of the third largest cryptocurrency, XRP, is showing some pretty positive action today, rising nearly 4% over the course of the trading session. Considering that this comes amid Bitcoin's rejection of the 200-day moving average and the price of the major cryptocurrency losing as much as 2.5%, the strength in XRP and increased buying activity is evident.
This sentiment, at least, has been expressed by a top trader better known online as "DonAlt."
Gamza KhanzadaevIn a recent X post, the expert trader made it clear that the relative strength of XRP today is outstanding. However, it is an "odd spot" for DonAlt as the rally goes against broader market behavior.
In particular, he believes that this may be due to some sort of insider buying.
Well, that is a bold statement, to say the least. The fact that XRP is trading contrary to the general market does not come as a surprise, as there are many narratives that are unique to the token, such as the XRP ETF saga and the Ripple vs. SEC drama.
Yuri MolchanEither this price spike is related to the fact that CBOE, along with a $1.5 trillion financial mastodon, filed for a XRP ETF, or the long-running legal battle between Ripple and the SEC is nearing a final verdict.
In fact, the price of XRP is soaring, and by a wide margin, as even a 3% move for the $134 billion asset is a gain of about $4 billion in just 24 hours.
It is safe to assume that the market is pricing in upcoming big news about XRP in the token's price, but what exactly the news is is an open question.
Dan Burgin
Vladislav Sopov