Why Ripple’s (XRP) Performance Surpasses Other Altcoins Today

The cryptocurrency market is seeing a notable revival, especially for altcoins, with XRP leading the way. While many altcoins are experiencing gains, XRP has shown significant progress, outstripping others in the market.

So, what factors are driving this performance, and can XRP maintain its momentum?

ETF-Driven Excitement?

According to data from Glassnode, previous reports indicated warning signs for XRP as long-term holders began selling their tokens during price corrections, not just during rallies. This was compounded by large sell-offs from whales, presenting challenges for XRP, especially as it dropped below $2.20.

However, recent events shifted the tide. Following former President Trump’s announcement of a $2,000 dividend for Americans and optimism about the potential reopening of the government, XRP surged over 7%, approaching $2.50.

This impressive performance positioned it as the top gainer among the top 15 altcoins, as per CoinGecko data. A significant part of XRP’s rise appears linked to recent developments concerning ETF applications. Multiple issuers are updating their XRP ETF submissions, notably Bitwise, Franklin Templeton, 21Shares, Canary Capital, and CoinShares, all now listed with the Depository Trust & Clearing Corporation (DTCC).

XRP ETF Developments

If the governmental shutdown concludes soon, it may accelerate the approval process for these applications. Notably, many have removed clauses that could delay launch, indicating a readiness to move forward unless the SEC intervenes.

XRP Technicals

Prominent analyst CW has noted that XRP’s recovery is “beginning,” suggesting an upcoming rally that could lead to new all-time highs as it progresses through potential market phases.

“$XRP’s turn is beginning. It has bottomed out and is initiating a rebound. This rally will likely surpass its ATH.” – CW (@CW8900)

In addition, another analyst, CRYPTOWZRD, has indicated a “slightly bullish” outlook for XRP, particularly against Bitcoin, suggesting that a further rise could be imminent if XRP/BTC trends positively again.