XRP registers 9% price surge
06 Nov 2023
XRP has increased 9% to hit an intraday high of $0.68, according to CoinGecko data.
The token is now near to exceeding BNB by market capitalisation, with both cryptocurrencies valued at $37.4 billion and $36.5 billion, respectively.
Ripple’s XRP has now reached its highest level since the beginning of August, Crypto News reports.
That said, it is still a way off from returning to its yearly top of $0.93 reached on 13th July. This followed a federal judge ruling in favour of Ripple Labs in the case with the US Securities and Exchange Commission.
The court said XRP sales were not securities, with the exception of specific cases involving institutional sales.
Despite plummeting to a low of $0.42 on 17th August, the price of XRP has made an impressive rally, with almost a 60% rise since the middle of August.
When looking at others, the recent performance of XRP has surpassed its peers within the top 10 cryptocurrencies by market cap.
Indeed, there has been comparatively modest movement for the world’s two largest cryptocurrencies, Bitcoin and Ethereum. BTC declined marginally by 0.2%, ETH has remained stable, whilst XRP has increased 22.9% over the last week.
In addition, the 7.6% gain by BNB falls short of XRP’s rise, which may lead to a possible shift in the rankings if XRP’s upward momentum continues.
Furthermore, as well as the price increase, XRP has also sparked the interest of larger-scale investors, so-called ‘whales,” according to data from blockchain analytics firm Santiment.
The findings show that wallets with between 100,000 to 1 billion XRP have their highest amount of the token this year, an indication of burgeoning confidence from stakeholders.
This rise in whale holdings coincides with a significant transfer of 23.8 million XRP, equivalent to more than $15.6 million, onto the Bitstamp exchange.
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