It appears that XRP has entered the bullish territory after breaking above the $0.337 level on the chart. At the time of writing, XRP was trading above the $0.355 level on the back of a 0.5% gain in 24 hours.
Needless to say, this lends credence to an important question – can XRP sustain its gains?
Specifies the path to…
It is one of the largest cryptocurrencies in the market by market capitalization, and the past two years have not been very good for XRP. While the altcoin saw some peaks, it fell lower and lower on the back of the SEC’s lawsuit against Ripple Labs and its executives. In fact, since then, the crypto has failed to cross the $1 barrier.
However, the altcoin continues to record some important ideas to support XRP holders.
First of all, XRP’s market cap dominance registered a significant increase in just over a month recently. According to Messaris Insights, the dominance of XRP has increased from 1.2% in August 2022 to ~1.7% at press time.
Thus, the market capitalization of XRP – with figures of $ 17.7 billion – has surpassed Cardano (ADA) to regain the seventh place in the ranking.
At the same time, whale owners and even dominant buyers known as whales sensed the changing scenario. Consequently, the whales have moved millions of XRP tokens over the past 24 hours. The latest move was highlighted by Whale Alert in a recent tweet –
🚨 281950757 #XRP ($101,526,399) Transferred from unknown wallet to unknown wallet
– whale alert (whale_alert) September 10, 2022
According to Whale Alert, the largest wallets have continued to transfer more than 240 million XRP to cryptocurrency exchanges. The valuation of these tokens turned out to be around $80 million.
One worker alone can’t cut it
Now, there are many motivating factors behind the price action of each cryptocurrency. As for XRP, the biggest is clearly the ongoing SEC lawsuit against Ripple, where XRP holders can sense the end of the game, according to an earlier report.
In addition, the XRP Ledger has been in the headlines for quite some time as well. In fact, developer David Schwartz, Chief Technology Officer (CTO) at Ripple Labs, recently Confirm the benefits XRP Ledger outperforms its major competitors as well.
The adoption rate of XRPL decreased in 2022. Recently, San Francisco-based design agency btrax announced the launch of the “Web3 Design Lab” service. To do this, the company has partnered with Ripple Labs for seamless operations.
Regarding the partnership with Ripple, the agency said,
“(…) Evidence of the power of XRPL to support the acceleration of Web3 projects in the global market.”
These could be the reasons behind the discussed increase in XRP’s rally in the past 2-3 weeks.
Do you miss slow and steady?
Well, that is unfortunately the case here with the price of XRP. Due to the inconsistent price growth, investors/traders have not actively pursued the altcoin.
The same can be demonstrated by active XRP addresses, with the same gradually declining over the past few days.