XRP outpaces Bitcoin and Ethereum monthly gains as whale deposits reach highest level since April: Here’s what you should know
Ripple Ripple/USD It surged on Tuesday, becoming the biggest gainer among the top 10 cryptocurrencies by market capitalization.
What happened: The payments-focused coin has gained more than 9% in the past 24 hours to $2.30, erasing an afternoon drop to $1.92. The coin’s trading volume surged 22% to $25 billion, making it the third most traded speculative cryptocurrency.
The increase exceeded the returns of tokens with higher market caps, e.g. Bitcoin Bitcoin/USD and Ethereum Ethereum/USD
See also: Justin Sun takes a cheeky dig at Microsoft’s Bitcoin rejection strategy: ‘Highly recommend buying Bitcoin when it hits $1 million’
XRP has been one of the star performers of the current bull market in the cryptocurrency market, surging 286% over the past month.
As a result, large holders or “whales” significantly increase activity around the token.
Over 2.66 billion XRP tokens have been transferred to cryptocurrency exchanges in the past 30 days BinanceAccording to data from on-chain analytics company CryptoQuant, it is the highest level since April.
“Whale deposits can often signal a potential shift in strategy, as these players have large amounts of assets at their disposal,” JA Mathurnsaid famous analyst and CryptoQuant author.
Cryptocurrency bull run hinges on Donald Trump’s presidential victory, crypto-friendly Paul Atkins success Gary Gensler As SEC Chairman, submitted numerous XRP spot ETF applications and received regulatory approvals Ripple Labs RLUSD Stablecoin.
price action: As of this writing, XRP is trading at $2.31, up 9.23% in the past 24 hours, according to Benzinga Pro.
Read next:
Disclaimer: This content was produced in part with help from Benzinga Neuro, and is reviewed and published by Benzinga editors.
Market news and data brought to you by Benzinga API
© 2024 Benzinga.com. Benzinga does not provide investment advice. all rights reserved.
