XRP’s Value Surges 8% in Seven Days, Injecting $1.9B in Market Cap

XRP defies market trends, surging 7.98% in a week and attracting $1.6 billion in investment, signaling growing trust.

A person in a celebratory pose, with an XRP token.
  • XRP has skyrocketed, achieving remarkable gains and attracting an influx of billions.
  • A trading frenzy has surrounded XRP, with millions of dollars worth of tokens having changed hands.
  • Whales have made waves with significant XRP movements.

In the ever-evolving landscape of cryptocurrencies, XRP, the digital asset associated with Ripple, has emerged as a force to be reckoned with. Its recent surge in value has captivated investors and enthusiasts as it defied the bearish trend plaguing the broader crypto market.

XRP Trading Volume Jumps 101% in 24 Hours

Data from the preeminent price-tracking resource, CoinMarketCap, unveils a remarkable XRP value surge over seven days, with a staggering 7.98% increase. This surge has injected a jaw-dropping $1,909,464,210 into XRP’s current market capitalization, now over $23 billion.

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Crypto traders exchanged over $850 million worth of XRP within 24 hours alone. This trading volume is a remarkable 101% increase compared to previous figures.

The infusion of $1.6 billion in investments within such a short timeframe underscores the mounting confidence in XRP’s potential and capacity to yield substantial returns.

XRP Whales Move Crypto Across Exchanges

An additional facet of this surge is observed in the movements of XRP whales. Recently, Whale Alert, a prominent platform specializing in tracking large-scale transactions, reported a significant transfer of XRP tokens across various exchanges.

According to Whale Alert, an impressive sum of 87.3 million XRP, valued at over $41 million, was transferred from an unidentified wallet to the popular exchange Binance within the last 48 hours since this article was written. Furthermore, the platform highlighted the movement of 24.5 million XRP, worth over $11 million, from another unknown wallet to Bitstamp.

As expected, these recent developments have sparked speculation within the broader crypto community, leaving them to ponder the motives behind these substantial transfers.

XRP Dominates Korean Crypto Markets

In the Korean crypto markets, XRP continues to assert its dominance. Recent reports have revealed that XRP remains the most actively traded cryptocurrency in South Korea, surpassing even the two largest assets, Bitcoin (BTC) and Ethereum (ETH).

XRP’s trading volume on major Korean exchanges like Bithumb, Upbit, and Coinone exceeded $100 million within the last 24 hours, as confirmed by CoinMarketCap data. 

On the Flipside

  • Despite XRP’s impressive surge, the broader crypto market has been experiencing a bearish trend for several weeks, indicating that the overall sentiment may not be as optimistic.
  • The movements of XRP whales raise questions about potential market manipulation or coordinated actions, warranting further scrutiny to ensure transparency and fairness.
  • While XRP remains a dominant player in the South Korean crypto market, it is essential to acknowledge that market preferences can change quickly, and the landscape may evolve as new trends and technologies emerge.

Why This Matters

As a top 10 crypto asset, Ripple’s divergence from the current market trend has raised intriguing questions about its unique position and potential. Additionally, the significant movements by XRP whales and continued dominance in the South Korean crypto market highlight the currency’s influence and impact within the broader crypto community.

To learn more about the surge in XRP’s price and the booming XRPL activity in Q1, delve into the details here:

XRP Price Soars 55.5% in Q1 as XRPL Activity Booms

For the latest updates on Ripple’s momentum, Hinman docs, and the Metaco CBDC platform, check out the following article:

Ripple Builds Momentum: Hinman Docs, Metaco, & CBDC Platform

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.