Based on market statistics from CoinGecko, XRP has moved significantly, rising 9% to an intraday high of $0.68.
By market capitalization, it is currently on the verge of overtaking BNB. The relative values of the cryptocurrencies are $36.5 billion and $37.4 billion.
Now, the contentious coin linked to the blockchain startup Ripple, situated in San Francisco, has reached its highest point since August 2.
Nevertheless, the token is still a far way from returning to its July 13 annual high of $0.93. This increase followed a federal judge’s decision to support Ripple Labs in a widely followed Securities and Exchange Commission dispute. The court decided that, with the exception of certain situations involving institutional transactions, XRP sales were not securities.
Even though the price of XRP dropped significantly to as low as $0.42 on August 17, it has rebounded amazingly and is currently up about 60% since mid-August.
XRP’s price outperformance
In contrast, XRP’s recent performance has surpassed that of its rivals in the top 10 cryptocurrencies by market capitalization.
While XRP has increased by 22.9% over the previous week, Bitcoin (BTC) and Ethereum (ETH) have seen comparatively small changes, with BTC falling slightly by 0.2% and ETH being steady.
Though BNB’s 7.6% gain is less than XRP’s jump, it does provide the possibility of a change in rankings should Ripple’s native coin continue to rise.
Uptick in whale holdings
Santiment, a blockchain analytics company, has released statistics showing that XRP has not only gained value but also attracted the attention of bigger investors, or “whales.”
According to their research, wallets with 100,000–1 billion XRP now have the most of the token in 2023, indicating a rise in confidence from important stakeholders.
Whale Alert reported on a significant transfer that occurs at the same time as the increase in whale ownership. Over 15.6 million USD, or 23.8 million XRP, were transferred to the Bitstamp market.
With the latest court verdict providing legal clarification, the narrative around XRP has become more favourable. But given the volatility of the cryptocurrency markets, prudence is still advised.
