XRP News Today: XRP Surges 10% to $3.70 as Institutional Investors Accumulate 2.2 Billion Tokens

XRP Ledger has experienced a significant surge in activity, with institutional investors accumulating a substantial amount of XRP tokens. This heightened activity is marked by a notable increase in on-chain transactions and a growing interest from large wallet holders. The accumulation of 2.2 billion XRP within just two weeks underscores the rising confidence in the token's future prospects. This surge in activity is closely tied to the anticipated resolution of legal issues surrounding XRP, which has fostered a bullish sentiment within the cryptocurrency community.

The increased institutional interest in XRP is not only driving the token's price but also impacting the broader cryptocurrency market. The accumulation pattern observed in XRP mirrors historical trends seen in other cryptocurrencies, such as Bitcoin's rally from 2020 to 2021. Such patterns have previously led to substantial price increases, suggesting that the current surge in XRP's activity could herald a significant price movement. The resolution of the SEC case has removed a significant regulatory uncertainty, further boosting market optimism and driving the token's price to new highs.

The recent price action of XRP has seen the token reach a new high of $3.70, surpassing its 2018 peak of $3.40. This surge in price has been accompanied by strong foundational support, with over 308 million tokens changing hands within the $3.34-$3.47 accumulation zone. Traders are closely watching this zone as a key indicator of the token's future price movements. The market capitalization of XRP has also seen a significant increase, reaching a peak of $215 billion, which places XRP firmly in the third position among cryptocurrencies by market cap, underscoring its growing prominence in the crypto market.

The XRP Ledger's activity has been further bolstered by the launch of the ProShares XRP ETF, which has seen high inflows and contributed to the overall market cap crossing the $4 trillion mark. The strong moving average spread and rising momentum suggest that a flag breakout could push the price toward the $4.16 target if the current trend holds. This positive outlook is supported by the token's ability to hold the accumulation zone, signaling robust support and potential for further price appreciation. The recent developments in the XRP ecosystem indicate a bullish sentiment, with institutional investments and regulatory clarity driving the token's price and activity.