3 Reasons Why XRP Is Soaring: Ripple and Its CEO's Analysis!
XRP’s price has skyrocketed by over 400% in the past month, reaching its highest levels in years. What’s driving this massive surge? Here are three key reasons behind XRP’s rise, based on recent analysis and insights from Ripple CEO Brad Garlinghouse.
The first factor fueling XRP’s surge is the announcement of Gary Gensler’s plan to step down as SEC Chair in January 2025. Gensler has long been seen as a major obstacle to crypto growth, including XRP.
Ripple CEO Brad Garlinghouse tweeted, “Once Gensler is out, all ships will rise.” This statement reflects optimism that the regulatory pressure, which has been holding XRP back, is beginning to ease, creating a favorable environment for XRP to thrive.
Ripple’s Chief Legal Officer, Stuart Alderoty, also pointed out that the SEC has been a significant factor suppressing crypto prices in general. Gensler’s departure, he believes, will allow the market to grow with greater freedom.
The second factor is the dominant role of South Korea in XRP trading volume. Analytics firm Scopescan revealed that South Korean crypto exchanges like Upbit and Bithumb have been instrumental in XRP’s price rally.
For instance, on Upbit, the XRP/KRW trading pair recorded a daily trading volume of $3.8 billion, accounting for 30% of the exchange’s total volume. Remarkably, this is 11 times higher than Bitcoin’s trading volume on the same platform. A similar trend was observed on Bithumb, where XRP contributed 32% of total trading volume.
This highlights South Korea’s enthusiasm for XRP, which has created significant buying pressure in the global market.
The third factor is large-scale accumulation by investors on Coinbase. According to CryptoQuant CEO Ki Young Ju, the Coinbase XRP Premium—an indicator of buying pressure on the platform—has ranged between 3% and 13% over the past 30 days.
Young Ju noted that this activity has been a major driver of XRP’s rally, as accumulation by whales or large investors often signals strong upward momentum in price trends.
The combination of Gensler’s resignation, strong support from South Korea, and significant accumulation on Coinbase forms the three pillars behind XRP’s price surge. With this momentum, many are wondering: is this the start of a new era of growth for XRP?
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