The post Ripple News: XRP Price Surge Above $0.6, Nears Top 4 Crypto Position appeared first on Coinpedia Fintech News
Ripple’s XRP made an impressive rebound, reaching $0.68 on November 5, its highest level since mid-August. Notably, the past week witnessed a remarkable 23% surge in XRP against Bitcoin, capturing the attention of crypto enthusiasts.
Many in the crypto community believe the recent rally might be tied to the US Federal Reserve’s recent decision to keep interest rates unchanged.
It’s also important to note that this surge was partially driven by several court rulings in favor of Ripple Labs in its ongoing legal battle with the Securities and Exchange Commission (SEC).
Even with this strong performance, XRP still has a way to go before reaching its yearly high of $0.93, which it hit back on July 13.
Whales Show Confidence in XRP
Blockchain analytics firm Santiment’s data indicates not only a price increase but also a growing interest among substantial investors, like whales.
Large-scale wallets, holding between 100,000 and 1 billion XRP, are now at their highest XRP levels in 2023, signaling the increased confidence of major stakeholders.
This surge in whale holdings coincides with a notable transfer reported by Whale Alert. An impressive 23.8 million XRP, equivalent to over $15.6 million, was moved to the Bitstamp exchange, reflecting the firm conviction of substantial investors.
Furthermore, the number of wallets holding at least 10,000 XRP tokens, primarily representing retail traders, has reached 277,620, marking a new all-time high, highlighting the expanding XRP community.
XRP’s Outperforms Major Altcoins
Compared to other top 10 cryptocurrencies by market cap, XRP has performed very well recently.
Bitcoin (BTC) and Ethereum (ETH) have seen relatively minor price movements recently, with BTC experiencing a slight 0.2% drop and ETH remaining relatively stable. In contrast, XRP has surged by an impressive 23% over the past week.
Even Binance Coin’s (BNB) notable 7.6% gain falls short of XRP’s remarkable leap, potentially setting the stage for a shift in rankings if this upward momentum continues.