Theres an evident uptick in the cryptocurrency market, especially when it comes to altcoins, as many have marked notable gains of up to 5% on a 24-hour scale.

Ripples native cross-border token is among the examples, as the asset jumped to $2.4 for the first time since late May today.

XRPUSD. Source: TradingView One of the possible reasons behind the price pumps in the past few hours could be linked to US President Trumps call for a massive interest rate cut by the Federal Reserve. After all, riskier assets like crypto should benefit from such a monetary move.

XRP is among the top performers on a daily scale, climbing by nearly 4% and reaching the aforementioned seven-week peak. Moreover, the fourth-largest cryptocurrency has gained over 25% since its monthly bottom at the end of June at $1.9 during the Israel-Iran war.

According to data shared by Santiment, Ripples price pump could also be attributed to large investors accumulating substantial portions of its supply. In fact, the number of wallets holding at least a million XRP reached a new all-time high yesterday at 2,743. Today, the number is just shy of that peak, Santiment said.

XRPs market value has hit a 7-week high, crossing above $2.39 for the first time since May 23rd. What to watch for are the rising number collective balances of whales holding at least 1M $XRP.

There are currently 2,742 wallets holding at least 1M XRP, one off from… pic.twitter.com/UPPlSWq7TD

The analytics platform believes this shows growing confidence in XRPs future. Additionally, smaller (retail) investors could follow suit by seeing this accumulation pattern by the so-called smart money, which might result in further gains for Ripples token.

The XRP Army has certainly been vocal about its bullish belief in the assets price trajectory, and some analysts have indicated that reclaiming the $2.38 resistance could result in a quick 12% surge to $2.60.