Lately, XRP has been performing well, much to the surprise of its holders and the entire cryptocurrency space.
Without a doubt, XRP is posing itself as the best-performing altcoin among the top thirty tokens in terms of market valuation. The token attained this height by recording a price surge of double-digits. Thus, placing it above its peers in terms of recent market performance.
According to data provided by Bitfinex, XRP went up by 10.08% in the last 24 hours. Currently, the token is trading at 0.40305, reflecting a noticeable gain against prominent coins like BTC and ETH.
However, this impressive run in the last 24 hours has got investors talking about the token. Many are amazed by the micro and macro causes of the fascinating development, with questions about what could have triggered it.
What could have happened?
The gains in the XRP market coincided with an unknown address moving $220 million to another unknown address. In other words, it is possible that whales placed a massive buy order for XRP tokens, especially ahead of the closure of the long-awaited SEC vs. Ripple case.
Before the Whales began to acquire more of the token, the Market cap of the token was around $18.69 billion. With their participation, the Market cap went up as high as $20.78 billion. The noticeable difference represents an improved influx of funds.
The possible expectation on XRP
The sudden surge should give investors hope for the future of XRP.
Strong indications are that the token could push ahead and soar more in value. Backing these claims are data from renowned blockchain analytical firm, Sentiment. According to the Blockchain analytic firm, activity on the XRP blockchain had also straightened up significantly after recording a low figure around September 15.
The firm indicates that moves on the XRP blockchain increased from 1002 to 1334 within September 15 till press time.
These pointers could indicate that XRP is growing in prominence.
Notwithstanding, investors must take a careful approach and consider numerous factors before committing their funds to the token. At the awakening of increasing inflation on the international scene, government and institutional bodies are exploring options to rescue the situation via rate hikes.
Their efforts are likely to impact the cryptocurrency space, hurting the prices of tokens.
