Multiple Favourable Information support, with assistance from Large Investors! XRP coin breaks through $3 for the first time in 7 years

As BTC returned to the $100,000 mark, the rise of Ripple (XRP) was also quite strong. Today (16th), it soared more than 10% and broke through $3, reaching a new high in 7 years.

According to CoinGecko's market data, the highest price of Ripple this morning reached $3.18, the first time it has risen above $3 since January 2018, and then the increase slightly converged to $3.04 at the time of writing.

Secure the Position of the Third Largest Cryptocurrency

Ripple has recently performed remarkably well. Since Donald Trump was elected President of the United States, its price has increased by 488%, making it the biggest winner in this cryptocurrency bull market. Currently, with a market capitalization of $170 billion, Ripple is firmly positioned as the 'third largest cryptocurrency' in the world, second only to Bitcoin and Ethereum.

The market generally believes that the robust rise of Ripple is mainly due to the expectation of a shift in US cryptocurrency policy. In addition, the protracted legal battle between Ripple and the US Securities and Exchange Commission (SEC) has also become a focus of investor attention.

Digital asset platform Abra over-the-counter trader Diego Cardenas said:

The rally is supported by a number of positive news, including Ripple's launch of the stablecoin RLUSD, the addition of new partners, and the market's strong expectations for the Ripple spot ETF.

Ripple President Monica Long revealed in an interview last week that the Ripple Coin spot ETF will be "approved soon," and she believes that the approval process will significantly accelerate after the new government takes office.

Heavy buying support

From a technical perspective, Ripple has broken free from the consolidation pattern since early December, opening the door for a new round of gains.

CoinDesk market analyst Omkar Godbole pointed out that if Ripple rises another 10.4%, it will refresh the historical high of $3.4 set in 2018.

At the same time, the continuous inflow of large funds also provides strong support for the trend of Ripple.

According to blockchain analysis company Santiment, since mid-November last year, whale addresses holding 1 million to 10 million Ripple coins have accumulated an additional 1.4 billion tokens, with a total value of approximately 3.8 billion US dollars. Even during the consolidation period of the coin price in early December, these large holders continue to absorb chips, indicating market confidence in the future of Ripple coins.

The article was first published on "Blocklike", supported by multiple good news and assisted by large buyers! Ripple coin broke through $3 for the first time in 7 years.