The Ripple currency #XRP has returned to the spotlight, recording a daily trading volume exceeding 3 billion dollars, amid a notable recovery following its recent decline, according to CoinMarketCap data. This renewed momentum comes as investors respond to market dynamics and a significant development in Ripple's long-standing legal battle with the U.S. Securities and Exchange Commission (SEC).
XRP rises above $2, gaining strength in the market
After dropping to a session low of $1.94 on Friday, the XRP currency recovered strongly, regaining important price support. By Saturday, the price of the currency had risen to $2.15, marking a 5.52% increase over the past twenty-four hours.
This recovery followed a significant on-chain movement involving Ripple, with 200 million XRP - valued at over 402 million dollars - transferred to an unknown wallet, sparking curiosity among analysts and market watchers.
Market metrics reflect changing investor behavior
Glassnode, a blockchain analytics firm, revealed that the recent sharp rise in XRP's price in February was largely driven by the influx of new capital. During that period, XRP's realized market cap surged significantly from $30.1 billion to $64.2 billion, an increase of nearly $34 billion, primarily fueled by the entry of new investors.
