XRP Spikes 50%; Algorand, Chiliz, Arweave Post Significant Gains As Bitcoin Rebounds 6%

‘’XRP season’’ seems to be finally here. The XRP price is up nearly 50% since the past week, outperforming the top bitcoin and Ethereum. At the time of publication, XRP was changing hands at $0.488, up 25% in the last 24 hours per Coinmarketcap data. According to onchain analytics firm, Santiment, two factors have contributed to XRP’s recent rise- increased trader optimism and high whale movement.

The onchain analytics firm also noted that ‘’the price ratio of XRP/ BTC has hit a one-year high of 0.000025 on the continued optimism of a potential settlement of Ripple with the SEC. Active shark and whale addresses holding 1 million to 10 million XRP have been in an accumulation pattern since late 2020’’.

In recent updates shared by James K Filan in the ongoing lawsuit, ‘’The Court has reviewed the request by the Chamber of Digital Commerce for leave to file an amicus curiae brief, and the parties’ responses, and has granted the Chamber’s request.’’

Algorand, Chiliz, Arweave Post Significant Gains As Bitcoin Rebounds 6%

At the time of publication, Bitcoin was seeing a rebound, up nearly 6% at $19,405. Algorand (ALGO, +14.66%), UNUS SED LEO (LEO, +13.29%), Stellar (XLM, +12%), Chiliz (CHZ, +17.66%), Arweave (AR,+11.17%) were posting significant gains in the last 24 hours.

Algorand has seen an uptick in interest from investors and soccer lovers since the FIFA partnership. FIFA unveiled “FIFA+ Collect” earlier this month, a new platform that would let football fans purchase one-of-a-kind digital memorabilia of the most memorable moments from FIFA World Cup games. Under their recent partnership, FIFA+ Collect verifies ownership confirmation using the Algorand blockchain. Along with the hiring news of a new CMO, the FIFA+ Collect marketplace went live on Thursday, which might have helped ALGO increase.

Additionally, several cryptocurrency products with a soccer-related focus are outperforming the general market. In the months leading up to the FIFA World Cup in November, Chiliz, a blockchain that enables users to mint fan tokens for prominent European soccer clubs, has seen value of its native CHZ currency skyrocket.CHZ is up over 183% from its June lows, while fan tokens for clubs such as F.C. Barcelona and Manchester City have also seen sizable gains.

Image credit: Shutterstock