XRP hits a 7-year high above $3 as large holders accumulate $3.8B of tokens.

XRPThe native XRP Ledger network, which is closely related to Ripple, rose to a six-year high on Wednesday.BTC) raised nearly $100,000 this morning with traders cheering on the much-anticipated event. US CPI inflation data Report it.

For the first time since early January 2018, the token surged by $3 at the start of the US trading session before being slightly out of favor. It recently traded hands at $2.95, up 11% over the past 24 hours, compared to a 3.6% gain for bitcoin (BTC) and a 6.7% gain for the broader market benchmark CoinDesk 20 Index.

XRP has been one of the best performing tokens since Donald Trump’s election victory, gaining 488%. It is now the largest cryptocurrency by market capitalization behind BTC and Ethereum’s ether (ETH), reclaiming third place from Tether’s USDT stablecoin. With a market value of $170 billion, the token now exceeds the market capitalization of asset management giant BlackRock (BLK). The gains were fueled by the anticipation of crypto-friendly policies and the renewal of digital asset regulation in the US by the Securities and Exchange Commission (SEC) and Ripple. Legal War More than XRP token sales for years.

“This wave is fueled by a growing number of partnerships, the launch of Ripple’s stablecoin RLUSD and speculation about an XRP ETF,” Diego Cardenas, OTC trader and co-founder of digital asset platform Abra, said in a note shared with CoinDesk. Monica Long, president of Ripple he said. In an interview last week, she said she expects the ETF to be approved “very soon” because of the speeding up of approvals with the incoming administration.

XRP has broken out of a consolidation pattern initiated by CoinDesk Markets analyst Omkar Godbole in early December. It is mentioned Last week paved the way for the next leg in the token rally. Another 15 percent increase from the current price increase would mean a $3.4 increase from the January 2018 high. Still, adjusting for years of inflation, XRP should rise to a new high of $4.24, said Alex Thorne, head of research at Galaxy. X post.

Accumulation of XRP tokens by large investors over the past couple of months could fuel the rally to new records.

Analytics company Santiment It is mentioned The address, which ranges from 1 million to 10 million tokens, increased its holdings by 1.4 billion coins — roughly $3.8 billion — as of November 12, following the stockpile inflation following sharp increases in early December. Read more: XRP demand jumps when Brad Garlinghouse meets Trump