KEY POINTS
- The last time XRP reached a market value within the $0.68 range was on Aug. 2
- Last week, the value of XRP started to surge 10%, leading to its price reaching the $0.60 price level
- XRP was trading in the red zone at $0.6782 as of 1100 a.m. ET on Tuesday
XRP, the native cryptocurrency of the blockchain firm Ripple Labs, skyrocketed to a three-month high, as interest in the asset surged following its landmark legal victory against the U.S. Securities and Exchange Commission and positive announcements regarding several projects.
The recent bull run in the cryptocurrency market, led by the Bitcoin price rally, fostered progress in many crypto assets, with XRP crossing a crucial psychological price mark for the first time in three months, data from blockchain analytics firm Santiment revealed.
The last time XRP reached a market value within the $0.68 range was on Aug. 2, with the recent surge happening as the crypto asset climbed above 23% against Bitcoin, the world’s largest crypto asset by market capitalization, over the past week.
The surge was credited to the accumulation made by whales or wallet addresses holding between 100,000 and one billion XRP, which was currently at its peak level for this year, reaching 45.8% of the total supply.
“XRP is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023,” Santiment said.
Last week, the value of XRP started to surge 10%, leading to its price reaching the $0.60 price level for the first time since Aug. 16.
Aside from seeing a significant gain of more than 25% in just 12 days, XRP saw increased activities of sharks and whales in the beginning of November also, and recorded a new all-time high of 277,600 wallets holding at least 10,000 XRP.
“XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an #alltimehigh 277.62K wallets holding at least 10K $XRP,” the blockchain firm said last week.
XRP was trading in the red zone at $0.6782 as of 1100 a.m. ET on Tuesday, with a 24-hour trading volume down by 7.86% at $2,762,862,31 — representing a 5.55% increase in the last 24 hours and a 14.5% gain over the past seven days.
Based on the latest data from CoinMarketCap, XRP’s total circulating supply stands at 53,615,837,759 XRP, with its value down by 5.56% at a $36,583,774,770 market cap.
