XRP News Today: XRP Surges 23% Weekly, Reaches 4-Month High at $2.80

XRP, the cryptocurrency associated with Ripple, has recently gained significant attention due to a sudden surge in its price. At the time of reporting, XRP was trading at $2.80, marking a 1.5% increase over the past 24 hours. Earlier in the day, the token even reached $2.90 before slightly retreating. This price level has not been seen since the first week of March, sparking considerable discussion among traders and on social media platforms.

XRP's weekly gains stand at approximately 23%, providing a much-needed boost for long-term holders. The recent break above $118,800 by Bitcoin and its sustained position near $118,000 has created an environment where alternative cryptocurrencies, or altcoins, can thrive. However, only 28 out of the top 100 non-stablecoin tokens have outperformed Bitcoin over the past 90 days, keeping the Altcoin Season Index at 28/100. This indicates that while there is growth, it is not yet a full-blown altcoin boom. Nevertheless, XRP has managed to break out of its recent trend.

Crypto educator Edoardo Farina tweeted that it would not be surprising to see XRP surpass $4 as early as this week. Achieving this milestone would represent a 50% increase from current levels and surpass the previous all-time high of $3.85 set in January 2018. Such a rapid ascent could be driven by a sudden surge of interest and buying activity as investors chase new peaks.

Ripple, the company behind XRP, has been actively forming partnerships to enhance its market position. In early July, Ripple collaborated with BNY Mellon to custody its RLUSD stablecoin, the eighth-largest stablecoin by market cap, with the aim of attracting major institutional investors. Additionally, futures-based XRP ETFs from ProShares and other providers were launched in July, and more than 10 spot-XRP ETF applications are currently under review by the SEC. Approval of a spot ETF could significantly boost demand and drive the price higher.

Despite these positive developments, XRP faces regulatory challenges. The SEC has yet to approve any altcoin ETFs, and updates in Ripple's ongoing lawsuit could introduce new volatility. Traders are advised to closely monitor these headline risks. Nonetheless, the gains have been impressive, and the coin's four-month high suggests that further movement is likely in the near future.