After months and months of sideways action and little to no volatility, especially in the past few weeks, Ripples native token finally went on the offensive yesterday, breaking out of its consolidation phase and skyrocketing to a new multi-month peak.

Here are some of the possible reasons behind this impressive price surge that drove XRP to almost $3.

XRPUSD. Source: TradingView

Social Engagements and Network Activity

CryptoPotato reported yesterday the notable price move north, which drove XRP from roughly $2.3 to just shy of $3 within a 36-to 48-hour period. Although it failed to go beyond $3 to challenge its January 2018 all-time high and has retraced slightly, the price surge helped XRP overtake USDT in terms of market cap.

Some analysts predicted this development, ever warning that most traders would miss it. Santiment also weighed in on the matter, outlining its reasons behind the massive surge.

The analytics company noted that this breakout transpired in times when the network behind the token saw an impressive growth, which is seen by the rising number of newly created wallets. More precisely, nearly 7,000 such new addresses were created within 24 hours.

XRP has pumped to a high of $2.97 today, breaking out to a 4-month high. This is coinciding with a major increase in network growth (new wallets created) rise in retail interest across social media.

Track these metrics any time on this chart: https://t.co/pk1BSHPO8G pic.twitter.com/AD8sUSUfu6

Santiments second reason is related to the overall retail interest in the token across social media, where 5.5% of all crypto discussions centered around XRP. This was the highest level since mid-March when Ripples CEO announced the end of the prolonged legal battle between the company and the US SEC.

Whales and Market Resurgence

As XRP was just beginning its breakout, CryptoPotato reported another probable reason that could have driven the asset higher. At the time, the number of large wallets holding at least a million tokens had risen to an all-time high of 2,743 (and 2,742 on the next day).

The last reason we will discuss in this article is the overall market resurgence. XRP was not the only cryptocurrency in a consolidation phase for weeks. Bitcoin, the market leader, was in a similar state despite some volatility experienced during the Israel-Iran war. However, it broke out on Wednesday evening and led the entire market into the promised land.

After surging to a new all-time high of almost $119,000 on Friday, many altcoins followed suit, including XRP. Being the first, biggest, and arguably most important digital asset, BTCs moves effect significantly the rest of the market.