Alex Dovbnya
XRP showcases signs of recovery with a notable price rebound and increasing whale activity
After a challenging period for XRP that saw its value tumble in mid-August, the cryptocurrency’s price seems to be on the rebound.
Recent Santiment data reveals a resurgence in its price, alongside an increase in whale activity and wallet holdings.
XRP price ascends alongside growing whale activity
On Tuesday, the controversial cryptocurrency associated with blockchain company revisited the $0.60 price mark for the first time since its fall on Aug. 16, as per data analytics firm Santiment.
Accompanying this recovery is a surge in whale activity, with more prominent players entering the arena.
The data further indicates an all-time high of 277,620 wallets now holding at least 10,000 XRP, illustrating a potential vote of confidence or strategic positioning by investors.
According to data provided by CoinGecko, the XRP token is currently trading at $0.59 with a 24-hour range between $0.566778 and $0.611566. The current market capitalization of XRP stands robustly at approximately $31.6 billion.
Diving into Q3 price performance
Q3 2023 was a particularly volatile period for XRP, according to a newly released report. A significant spike in the XRP price and realized volatility occurred around two notable events: the SEC decision on July 13 and a pronounced risk-off movement on Aug. 17.
By the end of Q3, XRP’s volatility settled to historical 90-day lows, hovering around 40%. Moreover, after peaking at nearly $4B in traded volume on the day of the SEC’s decision, daily trading volumes for XRP cooled off, averaging between $300 million to $400 million by quarter-end.
In terms of market dominance, Binance continued to play a significant role, handling about 60% of XRP’s trade during Q3.
US-based exchanges account for almost 5% of global XRP volume by USD value after a recent relisting spree.
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Alex Dovbnya