Ripple (XRP), the native cryptocurrency of the XRP Ledger payment network developed by Ripple Labs, rose more than 20% on Monday, halting a downward trend against Bitcoin (BTC) as the cryptocurrency's rally widens. .
XRP soared to $0.74 in just over an hour Monday afternoon, hitting its highest level since 2019, according to data from CoinDesk. very short-lived spike Last November, amid speculation about the possibility of XRP ETF managed by BlackRock. Today's 20% gain makes XRP the best-performing asset in the broad market CoinDesk 20 Index (CD20), up 5%.
While Bitcoin has already hit new all-time highs and some parts of the cryptocurrency space such as meme coins and artificial intelligence (AI) tokens have made outrageous profits, XRP has so far been a notable mover. was not involved. Compared to Bitcoin, XRP had fallen to a three-year low before today's move, according to TradingView data. Despite this afternoon’s big rally, XRP is currently up just 17% year-to-date, significantly lower than BTC’s 64% rise and the broader market CoinDesk 20 index’s 54% rise. Masu.
The rise in XRP could be a sign that traders are turning their attention and directing some of their funds to tokens that have yet to move as the rally in the digital asset market widens.
Other older cryptocurrencies that have lagged in the past few months, such as Litecoin (LTC) and Dash (DASH), have also surged in the past 24 hours, rising 18% and 9%, respectively.Avalanche Abaxpolka dots Dot and cardano's ADAadvanced 8-13% during the day.
Although there was no obvious trigger immediately preceding the XRP price movement, large token movements from crypto exchange Binance sparked speculation among crypto observers.
Blockchain data tracker Whale Alert I got it. A transfer of 300 million XRP (worth approximately $187 million at the time) left a Binance address and was deposited into an unknown wallet.
A series of transfers then took place. resemble outbound transaction – Worth 18-19 million XRP each – Deposited from Binance to a separate address.
This trade likely indicates that whales (large crypto investors) are accumulating XRP before the price increase, but the exchange may have transferred the coins to a new address as part of internal wallet maintenance. It may also be due to the fact that it has been transferred to
