In an exciting turn of events, Ripple’s XRP has made a strong comeback, reaching $0.68 on November 5. This marks its highest value since mid-August. Crypto fans quickly took notice, as XRP’s value surged by 23% in the past week compared to Bitcoin.
Many in the crypto community think that this recent rally might be linked to the US Federal Reserve’s recent decision to keep interest rates steady. It’s important to mention that this surge was also influenced by several court rulings in favor of Ripple Labs in its ongoing legal battle with the Securities and Exchange Commission (SEC).
But we’ll let you decide…
Big Players Are Active Again!
Despite this strong performance, XRP still has a way to go to reach its highest value this year, which was $0.93 back in July.
Data from blockchain analytics firm Santiment shows not only a price increase but also growing interest among significant investors, often called “whales.”
Large-scale wallets, holding between 100,000 and 1 billion XRP, currently hold the most XRP in 2023. This shows that major stakeholders have more confidence in XRP.
Notable Transfers
This increase in whale holdings goes hand in hand with a significant transfer reported by Whale Alert. An impressive 23.8 million XRP, worth over $15.6 million, was moved to the Bitstamp exchange, indicating strong belief from substantial investors in XRP.
Read More: Speculations Around Legal Win Boosts XRP Price Closer To $0.70!
Retail Traders Join the Action
In addition to the rise in interest from major investors, the number of wallets holding at least 10,000 XRP tokens, primarily representing everyday traders, has reached a new all-time high of 277,620, showing the growing XRP community.
XRP Climbs to the Top!
When compared to other top 10 cryptocurrencies by market cap, XRP’s recent performance stands out. Bitcoin (BTC) and Ethereum (ETH) have had relatively minor price changes, with BTC dropping slightly by 0.2% and ETH staying stable. In contrast, XRP has had a remarkable 23% surge over the past week.
Even Binance Coin (BNB), which saw a significant 7.6% gain, falls short of XRP’s remarkable jump. If this upward trend continues, it could lead to a change in the cryptocurrency rankings.
Also Read: Ripple vs. SEC Lawsuit: November 9 Marks Pivotal for XRP Price Amid Looming SEC Discussions.
What do you think about XRP’s recent rally? Is it here to stay, or do you think it’s just a temporary blip?
Zameer Attar
Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Coinpedia – https://coinpedia.org/price-analysis/ripple-news-xrp-price-surge-above-0-6-nears-top-4-crypto-position/