XRP has seen a remarkable surge in both price and market dynamics. Wallet holders in the 100,000 to 1 billion XRP range have reached the highest level this year, contributing significantly to this impressive price upturn.
Santiment, a prominent crypto analytics platform, shared the latest development on X. The data reveals that XRP’s price has crossed $0.68 for the first time since August 2. Currently, XRP is trading at $0.7112, marking a 10.30% increase in the last 24 hours.
Santiment tweeted, “XRP Ledger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as XRP moved up +23% against BTC in just the past week. Wallets with 100K-1B XRP now hold their highest level in 2023.”
🥳 #XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG
— Santiment (@santimentfeed) November 6, 2023
XRP Becomes 4th Largest Asset
Over the past three months, XRP has demonstrated a unique growth pattern, seemingly decoupling from Bitcoin (BTC). Santiment’s data supports this observation, with XRP surging by 23.38% in the past week, with Bitcoin up only 0.61%.
XRP’s upward trend is not limited to its price alone. XRP’s market capitalization has risen by 10.15% to $38.135 billion, and it is currently ranked #4 on CoinMarketCap. XRP also experienced a surge in trading volume over the last 24 hours, with an 89.29% increase to $2.788 billion.
Key Insights into XRP’s Ecosystem
Whale Holdings: XRP’s ecosystem presents intriguing data. Currently, wallets holding 100,000 to 1,000,000,000 tokens account for a substantial 45.8% of the total supply, marking a record high for the year. This achievement is particularly noteworthy when considering the fluctuating growth in this category of XRP holders since August 12.
XRP’s Social Dominance: The performance of XRP extends beyond its whales. The social presence of XRP has experienced a significant surge in discussions on various platforms. This heightened sentiment is partly attributed to the legal victories secured by Ripple against the U.S. Securities and Exchange Commission (SEC) from July to October.
XRP’s prospects are also bolstered by the promising outlook of the XRPL (XRP Ledger). Several innovations, including the introduction of its sidechain, Xahau, have demonstrated the XRPL’s potential to compete with its Layer-1 counterparts. This bodes well for XRP’s long-term growth.
The recent surge has also sent the XRP price above the 21-day EMA (Exponential Moving Average), and a prominent analyst has set the next targets following the notable breakthrough.
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