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Ripple’s native token XRP is showing strength in the crypto market, trading around $2.49 reflecting a gain of 3% seen in the last 24 hours while most other cryptocurrencies struggle. Several key factors are driving this price surge, making XRP stand out once again.
Ripple Vs SEC Closed Door Meeting
The U.S. Securities and Exchange Commission (SEC) is set to hold a closed meeting on February 13, which could have major implications for Ripple. The SEC may discuss whether to continue its appeal against the Programmatic Sales ruling in the XRP lawsuit.
There’s also growing interest in Grayscale’s XRP spot ETF filing. If positive decisions come out of this meeting, XRP’s price could see further gains.
XRP Outperforms Bitcoin In Key Metrics
On-chain data from Santiment reveals that XRP is gaining new wallets, unlike Bitcoin, which has lost over 277,000 non-empty wallets in just three weeks.
This trend suggests that small traders are exiting, while larger whales, are accumulating XRP. Historically, this kind of accumulation has led to strong price rallies
Ripple Expands Payments In Europe
Ripple is making big moves in Europe, expanding its payment services. Ripple President Monica Long announced that Portugal’s largest currency exchange provider, Unicâmbio, is now part of Ripple Payments.
This means Unicâmbio’s corporate clients can use Ripple’s On-Demand Liquidity (ODL) service, powered by XRP, for instant cross-border payments in Brazil. Such real-world use cases increase XRP’s utility and could drive its price even higher.
Growing Speculation on an XRP ETF
With increasing optimism about an XRP exchange-traded fund (ETF), investors are taking a bullish stance. Several major firms, including Grayscale and CoinShares, have applied for an XRP spot ETF. If the SEC approves these filings, XRP could see a massive price breakout.
XRP Accumulation on the Rise
Since the February market crash, XRP investors have shifted towards accumulation. On-chain data shows minimal selling activity, with the Mean Coin Age metric trending upwards.
Additionally, XRP’s Market Value to Realized Value (MVRV) ratio recently hit -17%, a level that previously led to a 60% price rally. If history repeats, another surge could be on the horizon.
With strong fundamentals and growing institutional interest, XRP could be gearing up for a significant breakout in the coming days.