- Whale transactions leaped to a 3-month high.
- The rate at which new participants were entering the network jumped sharply.
Ripple [XRP] made steady advances in the last 24 hours, increasing its worth by 3.16% to $0.59 at press time, data from CoinMarketCap showed.
Is your portfolio green? Check out the XRP Profit Calculator
XRP on the move
During the surge, XRP hit the psychologically important level of $0.6 for the first time since the market crash in mid-August. A shift in market structure was underway as the payment-focused crypto rose more than 25% in the last 12 days.
While still far-off, the surge spurred hopes of reclaiming the highs seen shortly after the partial legal victory against the U.S. Securities and Exchange Commission (SEC).
The move towards $0.6 also saw increased participation of XRP whales. According to on-chain analytics firm Santiment, whale transactions worth more than $1 million leaped to a 3-month high on the last day of October.
Source: Santiment
Whales show affinity for XRP
The transactions were fueled by strong buying pressure. The number of wallets holding at least 10,000 coins surged to an all-time high of 277.62k as of this writing.
Typically, aggressive whale accumulation is a strong indicator of a long-term bullish trend. As they own a large chunk of a crypto’s circulating supply, their actions are keenly analyzed and emulated by the less-experienced retail traders.
On-chain data seemed to confirm this expectation. As XRP prices surged, the rate at which new participants were entering the network jumped sharply.
Source: Santiment
Broadly speaking, the Ripple ecosystem was upbeat about its near-term prospects. Having secured important legal victories including the recent exoneration of CEO Brad Garlinghouse, hopes of a smooth sail were stronger than ever.
A look at Ripple’s Q3 stats
Ripple published its Q3 market report, underlining key achievements of the native coin XRP and the underpinning blockchain XRP Ledger (XRPL).
The trading volume on decentralized exchanges (DEXes) increased by more than three times quarter-over-quarter( QoQ).
Read XRP’s Price Prediction 2023-24
Ripple mentioned that daily trading volume was consistently higher than $1 million during the July-August period, reaching $20 million-$30 million on certain days in August.
Moreover, the number of new wallets jumped nearly 12% to 157,936. However, the overall count of transactions dipped by more than 8% when compared to Q2.