XRP course reaches highest point in 7 weeks thanks to the big boys

The cryptomarkt is on the elevator. Bitcoin (BTC) recorded a new all-time high in the last 24 hours, but especially Altcoins see nice increases. Ethereum (ETH) rose by almost 7 percent, but also Ripple (XRP), is one of the biggest winners today. For the first time since the end of May, the currency reached a price level of more than $ 2.40.

Trump as an unexpected catalyst

An important reason for the sudden revival on the cryptomarkt seems to be the recent call from US presidential candidate Donald Trump. He called on the Federal Reserve to considerably reduce interest rates. Such a monetary relaxation can give risky assets such as crypto a big push.

For XRP, this resulted in an increase of more than 4 percent in the last 24 hours to around $ 2.43, with which the token hit the highest point in seven weeks. Since the low point at the end of June around 1.90 dollars, at the time of the conflict between Israel and Iran, XRP has risen by more than 25 percent.

Large investors increase their position

According to analysis company Santiment, large investors, often referred to as ‘whales’, are responsible for an important part of this price increase. The number of wallets with at least one million XRP reached a record high of 2,743 yesterday. Today this number is still just below that peak level.

Santiment regards this development as a signal of growing trust in XRP. Smaller investors also seem to follow this example, which can further strengthen the upward trend.

Within the XRP community, also known as the ‘XRP Army’, optimism dominates. Some analysts point out that the reduction of the resistance level at 2.38 dollars can clear the road for an increase towards 2.60 dollars, a further increase of around 12 percent.

Yesterday we wrote that XRP had to break the level of 2.36 dollars in order to continue the increase. With a current rate of 2.43 dollars, the XRP Army can look up again.