- XRP Price Soars Past $1, Hitting Three-Year High, Surpassing Dogecoin With Market Cap of $60.39 Billion.
- Major Whale Activity Detected: Key Investors Accumulate 453.3 Million XRP, Boosting Confidence and Market Position.
The recent surge in XRP’s value, with prices crossing the $1 mark and hitting a three-year high, marks a significant moment in the crypto market.
As of Saturday, XRP’s ascent has not only pushed its value to new heights but also allowed it to surpass Dogecoin in the rankings by market capitalization, securing the sixth spot.
This remarkable price increase, over 85% in just a week, reaching a peak of $1.268, can be attributed to several key factors. Notably, favorable regulatory developments have played a critical role, alongside heightened activity from major investors, who hold substantial quantities of the currency.
Data from Santiment indicates that these whales, owning between 1 million to 100 million XRP tokens, have added a staggering 453.3 million XRP to their holdings, valued at approximately $526.3 million, within the last week.
This accumulation contrasts sharply with the actions of retail traders who have been offloading their XRP tokens, totaling 75.7 million worth $87.9 million, attempting to capitalize on any rise in market prices.
Such shifts between large holders increasing their stakes and smaller holders reducing theirs underscore a broader trend that often leads to significant growth in market capitalization.
The robust climb in XRP’s value, which saw it exceed the psychologically important $1 threshold, suggests a bullish outlook for the cryptocurrency. This movement has elevated XRP’s market cap to about $60.39 billion, thereby nudging Dogecoin down to the seventh position with a market cap of $53.29 billion.
Looking forward, if XRP can maintain its bullish momentum and consistently stay above the $1.27 mark, it might encounter resistance near the $1.50 and potentially $2 levels. However, the market must remain cautious of potential pullbacks due to profit-taking activities, which could see the price retract to a support level around $1.
The current price of XRP (Ripple) is $1.04843 USD, with a decline of 6.39% today.
Key Observations:
- Price Trend: Despite today’s drop, XRP has shown a strong upward trend over the past week, with a gain of 87.42%, and a remarkable monthly increase of 92.86%. Over the past six months, XRP is up 95.18%, signaling strong bullish momentum.
- Market Capitalization: XRP’s market cap stands at $59.70 billion USD, with a 24-hour trading volume of $14.35 billion USD, indicating significant trading activity and liquidity.
Technical Analysis
The price decline today suggests a possible profit-taking phase after the recent rally above the $1 mark. If the downtrend continues, the next support level is around $1.00 USD. On the upside, breaking above $1.10 USD could lead to a continuation of the bullish trend towards $1.20 USD.
