Summary:
XRP surged 286% in the past month, outperforming Bitcoin and Ethereum.
Trading volume for XRP increased by 22% to $25 billion.
Whale deposits to Binance reached a 6-month high, moving 2.66 billion XRP tokens.
Donald Trump's presidency is influencing XRP's market performance.
XRP's current price is $2.31, up 9.23% in the last 24 hours.
XRP's Remarkable Surge
XRP rallied sharply on Tuesday, becoming the biggest gainer among the top 10 cryptocurrencies by market capitalization. The payments-focused coin lifted over 9% over the last 24 hours to $2.30, recovering from a dip to $1.92. The coinâs trading volume soared 22% to $25 billion, making it the third-most traded speculative cryptocurrency.
Performance Compared to Bitcoin and Ethereum
The rally outshone returns from higher market cap coins such as Bitcoin and Ethereum. Over the past month, XRP has skyrocketed as much as 286%, marking it as a star performer in the ongoing cryptocurrency market bull run.
Whale Activity Increases
Large holders, or "whales," have significantly increased their activity surrounding XRP. Over the past 30 days, more than 2.66 billion XRP tokens have been moved to Binance, the highest level since April, according to on-chain analytics from CryptoQuant. Analyst JA Maartunn noted that whale deposits can often signal potential shifts in strategy, given these players have substantial assets at their disposal.
Market Influences
The coinâs bull run has been influenced by Donald Trumpâs presidential victory and the nomination of cryptocurrency-friendly Paul Atkins to succeed Gary Gensler as SEC Chair. This has led to a slew of filings for XRP spot exchange-traded funds and a regulatory green light for Ripple Labsâ RLUSD stablecoin.
Current Price Action
As of the latest update, XRP was trading at $2.31, marking a 9.23% increase in the last 24 hours, according to data from Benzinga Pro.
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