Ripple’s XRP rose 7.32% from the previous day to around $1.51 as of 9:20 a.m. Korea time. Bitcoin rose 1.26% in the same period, underscoring XRP’s outsized move. The surge was driven largely by rumors circulating online that XRP could be used to replace the SWIFT network for cross-border payments, fueling investor expectations. There were also reports that SBI Holdings, a company supportive of XRP, was being assisted by a Japanese finance minister, though no confirmation was provided.
Because the rumors were unverified, there is a risk prices could reverse if they are debunked. Investors were also reacting to a broader shift into non-BTC coins, with the altcoin season index jumping 24.14% in a single day. Analysts cautioned that even if the trend looks technically strong, the gains may be driven by sentiment rather than fundamentals, leading to higher volatility. They advised monitoring any statements from Ripple or regulators to determine whether the rumors have substance.
Crypto markets remain highly volatile. Investors should be mindful of the potential for sharp losses.
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