XRP Sees 11% Increase as Coin Reclaims 4th Place on CoinMarketCap
Ripple-affiliated cryptocurrency XRP has experienced a significant surge in price, moving closer to the top three positions on CoinMarketCap’s list. The XRP price has been steadily rising since October 30, resulting in a nearly 30% increase from $0.55024 to its current level of $0.71381.
This recent surge marks the highest price level for XRP since July of this year. During that time, Ripple received a favorable court ruling against the SEC, which determined that XRP sales on secondary markets do not qualify as securities. This ruling has contributed to the positive sentiment surrounding XRP.
In addition, the SEC has dropped its personal charges against Ripple CEO Brad Garlinghouse and the company’s co-founder, Chris Larsen. These developments have further boosted the confidence of XRP supporters.
XRP’s market capitalization has also seen significant growth, reaching a value of $38,596,137,631 after an 83% increase. As a result, XRP has surpassed Binance Coin (BNB) in market cap, securing its place in the fourth position on CoinMarketCap.
The recent surge in XRP’s value against Bitcoin can be attributed to whales accumulating a substantial amount of XRP in their wallets. According to on-chain data company Santiment, whales holding 100,000-1,000,000,000 XRP account for 45.8% of the total supply.
Meanwhile, traders have liquidated approximately $3.5 million worth of XRP short positions in the last 24 hours, as reported by CoinGlass.
About the author
Yuri Molchan is a technology enthusiast with a keen interest in blockchain and cryptocurrencies. He has been writing about DLT and crypto since 2017 and has contributed to multiple crypto media outlets. His articles have been quoted by influential figures in the crypto industry, including Tyler Winklevoss, John McAfee, CZ Binance, and Max Keiser.