In a significant development for Ripple's native cryptocurrency, XRP has finally broken out from long-standing resistance, experiencing a surge of nearly 20% in the last 24 hours. This surge comes as a much-needed relief for XRP holders who have been eagerly anticipating this moment while also closely monitoring Bitcoin's bullish movement. Moreover, on-chain data indicates a positive trend of whale accumulation for XRP, contributing to its gains within a shorter time frame.
Whale Activity in Crypto Markets
According to data provided by Whalealert, crypto whales have been actively moving substantial amounts of XRP across various exchanges, totaling over 285 million XRP coins, approximately valued at $194 million. The largest single transaction recorded involved the transfer of 100 million XRP, valued at approximately $62 million, albeit within the same wallet.
Further analysis reveals significant accumulation from the crypto exchange Binance, with whale wallets adding nearly 100 million XRP coins, valued at approximately $65 million, within the last 24 hours. Notably, the most substantial transaction among these movements amounted to an accumulation of 20.3 million XRP, approximately worth $15 million.
In a separate instance, a crypto whale purchased and transferred 70 million XRP coins, valued at approximately $51 million, from the crypto exchange Upbit in a single transaction.
XRP's Market Performance
With these notable whale movements, XRP witnessed a price surge of almost 20% within a day, reaching an average price of $0.72 at the time of reporting. However, despite this surge, XRP remains down by 81% from its all-time high (ATH) of $3.84.
Currently, XRP holds a market capitalization of over $38 billion, with its 24-hour trading volume experiencing a significant increase of 264%, reaching $7.3 billion. This performance positions XRP as one of the top gainers of the day within the crypto market.
Late Arrival to the Bullish Party?
Despite its recent surge, XRP appears to be lagging behind other major tokens such as Bitcoin (BTC) and Ethereum (ETH), which have seen price increases of over 70% year-to-date (YTD). In contrast, XRP has only managed to gain 12% over the same period.
The ongoing surge raises questions about whether XRP can sustain its momentum, especially amidst its ongoing legal dispute with the US Securities and Exchange Commission (SEC).
As XRP continues to navigate these challenges, investors and enthusiasts alike will be closely monitoring its price movements and market dynamics in the coming days and weeks.
