XRP Price Is Going Nuts, According to This Top Trader

XRP is stealing the show once again, surging by more than 17% to reach a multi-month high of $0.70, according to data provided by cryptocurrency tracking service CoinGecko. 

The controversial token, which is associated with Ripple, has outshined virtually every major cryptocurrency with its recent price surge. 

Only Dogecoin (DOGE) has managed to outperform XRP in the top 20, according to CoinGecko data. The price of the flagship meme coin has surged by more than 20%. 

Hedera (HBAR) has outperformed both Dogecoin and XRP after Canary Capital filed with the U.S. Securities and Exchange Commission in order to launch a spot HBAR ETF. 

Solana-based meme coin Bonk (BONK) is the best-performing cryptocurrency in the top 100 after adding nearly 25%.   

Going "nutty" 

DonAlt, a pseudonymous cryptocurrency trader with nearly 600,000 followers on the X social media network, has noted that XRP is currently going "nutty." The chartist recalled that this was an ominous sign for previous rallies that took place during this market cycle. However, XRP would also act as a precursor of alt seasons during previous bull cycles. Hence, the trader is not sure how to assess the ongoing XRP rally. 

XRP bulls can point to several bullish factors that might be contributing to the token's price surge. As reported by U.Today, there are already multiple spot XRP ETF filings in the US, and Ripple CEO Brad Garlinghouse has stated that such a product would inevitably get approved by the SEC. 

The SEC is expected to drop all non-fraud crypto cases in the near future. This could be another bullish catalyst for the cryptocurrency.