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XRP price surged 23% in the past week, reaching $0.68 on November 5, its highest value since mid-August.
The rally is likely linked to a combination of factors, including the US Fed’s decision to keep interest rates steady.
XRP’s performance outshines other top 10 cryptocurrencies by market cap.
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…
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.”
🥳 #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
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.
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!
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.
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?