The recent period has brought a dynamic increase in the value of XRP, which has gained as much as 28% in just seven days. Rumors of Ripple’s plans for a public debut, which may be announced at the Swell conference in Dubai, have sparked strong investor enthusiasm.
A multitude of factors in favor of XRP
This is not the first significant jump in the value of XRP. We have been observing an upward trend since October 19. It started with the hype related to the potential launch of a Bitcoin spot ETF on the US market. The news boosted the prices of many cryptocurrencies, including XRP, which gained nearly 45%. As a result, the coin rose to fourth place among the largest cryptocurrencies in terms of market capitalization.
Another boost to XRP’s growth was the issuance of approval by the Dubai Financial Services Authority (DFSA) for Ripple to operate within the local virtual asset system. This is an important step toward XRP adoption in the Middle East, where cryptocurrencies are gaining popularity.
Will Ripple announce an IPO?
What heats up the market the most, however, is Ripple’s Swell conference, which will take place on November 8-9 in Dubai. There is speculation that the blockchain company may announce its plans for an initial public offering (IPO). The rumor is raising huge expectations. We will find out about its validity very soon. Nevertheless, it finds justification in the actions the company has taken recently. We wrote about one of them in the article: “Is Ripple going to IPO? One announcement makes speculation find support in facts”. Haven’t read it yet? Take a look!
Ripple’s Nedaw partnerships, such as its work with the National Bank of Georgia (NBG) on the Digital Lari (GEL) project, are also contributing to interest in XRP. The initiative, based on the company’s proprietary platform, gives institutions full control over the CBDC lifecycle, a significant step in the development of the technology.
Whales are accumulating XRP
Attention should be paid to the activity of the largest investors who are accumulating the coin. Data collected by Santiment shows that the number of XRP at addresses with balances between 100,000 and 1 billion tokens peaked in November 2023.
Additionally, XRP’s social dominance, as measured by the number of mentions on cryptocurrency-focused social media platforms compared to the top 50 cryptocurrencies, reached its highest level since July 2023.
At the time of this writing, the price of XRP is oscillating around $0.72. The coming days will certainly show whether the upward trend will be maintained or whether there will be a correction, however.