XRP, the third-biggest cryptocurrency by market capitalization, has surged by more than 12% over the past 24 hours, according to CoinGecko data.
The token has hit an intraday high of $2.87, surging to its highest level since Dec. 3.
The price spike comes amid growing ETF buzz, with banking behemoth JPMorgan recently predicting that an XRP ETF might end up attracting up to $8 billion.
According to analytics platform Santiment, the ongoing XRP price rally is being supported by “continued enormous accumulation” from various cryptocurrency wallets that hold between 1 million and 10 million tokens.
These wallets now own 37% more coins than they did just two months ago, according to Santiment.
The most recent rally also comes on the cusp of SEC Chair Gary Gensler leaving the agency less than a week from now.
Following its massive price spike, XRP is now just 16% away from reaching a new record high after seven years.
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