XRP price jumped on Sunday, July 20th, as the crypto market rebounded, and as rumors of Saudi Arabia’s investment in Ripple spread on Social Media platforms. Ripple jumped to a high of $3.51, a few points below the year-to-date high of $3.6.
Will Saudi Arabia Invest $10 Billion in XRP?
One catalyst for the XRP price surge on Sunday was rumors that Saudi Arabia was planning to invest $10 billion in it. Several popular users spread these rumors on X.
For example, Shibo, an X user with over 89,000 followers, posted a message that attracted over 210,000 views. Bale, another X user with over 28,000 users, sent a similar post that attracted thousands of users.
The $10 billion investment from the Saudi Arabia Sovereign Wealth Fund, which has over $1 trillion in assets, would be a big deal. For one, it would mark its first investment in a cryptocurrency.
However, while the rumours went viral, no official announcement has been made. The fund did not respond to a message regarding the rumored investment from Bankless Times.
Similarly, Bale and Shibo did not provide a source for their post. Major news sites, such as Bloomberg and The Financial Times, have not reported on the announcement. Therefore, there is a chance that these X users are posting fake news, potentially to pump the coin.
XRP Price Has More Catalysts
While the Saudi Arabia investment is fake news, the XRP price has numerous catalysts that may push it higher in the near term.
First, the Ripple USD (RLUSD) stablecoin is performing well, as it has overtaken USDC and USDT as the safest player in the industry. Its assets have surged to a record high of over $520 million, a trend that may continue after the passing of the GENIUS Act.
Second, the XXRP ETF continues to attract assets from Wall Street investors, a sign that there is demand for the coin. It now has over $471 million in assets, a figure that is expected to surpass $500 million later this week.
Third, the odds that the SEC will approve spot XRP ETFs have remained at an elevated level. These funds are expected to attract over $8 billion in assets in the first year.
Furthermore, as we mentioned earlier, the coin has formed a highly bullish pennant pattern on the daily chart. If this happens, the next point to watch will be at $4.20, followed by the psychological point at $5.
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