The main reason is the development of rlusd: The development surrounding Ripple’s stablecoin, rlusd, is the primary reason for the price surge. There are rumors that nearly all related tokens have been burned, creating excitement in the market.

Expected end to the lawsuit with SEC: The community anticipates that the lawsuit between Ripple and SEC may soon close. Announcements from new leadership favoring cryptocurrency have made everyone optimistic about a positive outcome.

New ETF fund from Bitwise could positively affect price: Bitwise Asset Management has filed with the SEC for a new ETF fund that includes ten cryptocurrencies, XRP included. The launch of ETF products usually leads to price increases for underlying assets.