Driven by favorable regulatory environment and ETF application, XRP rose by more than 24% in 24 hours, and its market value once approached 70 billion US dollars

XRP’s market capitalization, which once reached nearly $70 billion, has increased by nearly $20 billion since the start of trading on November 15 and is now back down to about $62.5 billion. The analysis noted that its price increase may be due to traders anticipating a more favorable regulatory environment for Ripple and the potential resolution of its long-running legal dispute with the SEC, which began in 2020. Ripple chief legal officer Stuart Alderoty recently wrote on past." The price increase also spurred significant on-chain movement. According to Whale Alert monitoring, at 6:07 Beijing time, one wallet transferred XRP worth $90 million to another wallet. Over $316 million worth of XRP has been transferred in the past two days alone. Another bullish sign could be that 21Shares recently filed for an XRP ETF, along with Canary Capital and Bitwise. The OKX market shows that XRP once exceeded 1.2 USDT, hitting a new high since November 2021; it is now trading at 1.1015 USDT, with a 24H increase of 24.21%. (The Block)