- Following a favourable ruling in the Ripple v. SEC case, XRP’s substantial gains indicate the potential dawn of an altcoin season.
- Recent data reveals an increase in XRP active addresses and impressive trading volumes, fuelling its strong performance in the current crypto market.
The crypto landscape is abuzz with the accelerating rise of XRP, questioning the traditional dominance of Bitcoin (BTC) in the blockchain sphere. Data from the crypto data platform Swissblock reveals that altcoins including Ethereum (ETH), XRP, and Solana (SOL) are making significant strides, pointing towards a potentially forthcoming altcoin season. This development finds support from Glassnode co-founder Yann Allemann, further strengthening the narrative.
Altcoins Stir the Crypto Market
ETH is currently exchanging hands at around $1,853, while XRP and SOL have registered over 2% gains. The uptick in altcoin performance led the Altcoin Signal briefly into the altcoin season zone. Amid these movements, Dogecoin (DOGE) and XRP are garnering considerable attention. The former is known for its strong narrative, while the latter’s performance stands out due to its recent rally after a favourable ruling in the Ripple v. SEC case.
CoinGecko data places XRP at $0.72, a 2.4% increase, marking its place as a strong contender in the altcoin surge. This surge has not gone unnoticed, as it records a 24-hour trading volume of over $1.4 billion, attracting substantial trader interest. Despite BTC’s short-term outperformance, the mid-term analysis indicates that ETH might take the lead, potentially catalysing the next altcoin rally.
XRP’s Bullish Signals
XRP’s performance isn’t just a result of its price surge. It also owes to the consistent growth in key metrics that reflect the protocol’s overall growth. A prominent member of the XRP community on Twitter, @xspectDS, highlights a massive increase in the total number of wallet addresses holding up to one million XRP tokens. The analysis puts these addresses at around 1,900.
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Whale activities are largely driving this impressive performance. Whale XRP accounts with over 100 million tokens have jumped to 199. Combined with the coin’s open interest pegged at $1.2 billion, it reflects a two-year high.
The positive fundamentals associated with XRP currently are instrumental in renewing investor interest in the coin. The total active addresses on the XRP network have leaped by 23% in the past month and by over 43% compared to the same time last year. Given these optimistic growths, the community is naturally primed to anticipate a renewed rally for XRP in both short and long-term scenarios.
The market sentiment will likely remain bullish, fuelled by Judge Torres’s recent indication that XRP in itself is not an investment contract. Even though the market regulator plans to appeal the ruling, the sentiment tied to this victory is expected to linger within the community, continuing to boost XRP’s growth while helping it maintain resistance in times of inevitable market routs.
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