XRP has skyrocketed more than 17% to reach $0.70, stealing the spotlight in the crypto market. A prominent trader highlighted the "nutty" price movement as XRP outpaces major cryptocurrencies amid growing optimism around ETF approvals and potential SEC case dismissals.

XRP Reaches Multi-Month High Amid Bullish Momentum

U.Today reports that with a 17% surge to a multi-month high of $0.70, XRP is once again the star of the show, according to statistics from cryptocurrency tracking firm CoinGecko.

The contentious Ripple coin has recently outpaced the price increases of almost all major cryptocurrencies.

Only one cryptocurrency among the top 20 has managed to outperform XRP, as the controversial token continues to rally.

Dogecoin and Hedera Outshine XRP's Gains

The only cryptocurrency that has outperformed XRP in the top 20, according to statistics from CoinGecko, is Dogecoin (DOGE). More than 20% has been added to the value of the main meme coin.

Meanwhile, Hedera (HBAR) has also emerged as a top performer after Canary Capital's SEC filing to introduce a spot HBAR ETF. HBAR’s gains surpass those of Dogecoin and XRP, while Bonk (BONK), a Solana-based meme coin, has achieved nearly 25% gains, positioning itself as the top performer in the top 100.

Notable Trader Analyzes XRP’s "Nutty" Market Behavior

DonAlt, a bitcoin trader who goes by a pseudonym and has about 600,000 followers on the X social media platform, has taken note of XRP’s “nutty” market moves.

He recalls that similar surges in this market cycle have previously served as cautionary signals. Yet, in past bull cycles, XRP rallies were known to mark the start of alt seasons, leading the trader to express uncertainty over how to interpret this particular surge.

What’s Fueling XRP's Rally?

Some bullish XRP proponents have highlighted multiple factors that could be driving the token’s price increase. Ripple CEO Brad Garlinghouse has hinted at the potential approval of a spot XRP ETF by the SEC, noting that several registrations are already being processed in the U.S.

Furthermore, the SEC is anticipated to drop all non-fraud-related crypto cases soon. This development could provide additional momentum for XRP, sparking optimism for continued price growth.