XRP (CRYPTO:XRP) rebounded sharply on Tuesday, becoming the biggest gainer among the top 10 cryptocurrencies by market cap.
What happened
The payments-focused currency rose more than 9% in the past 24 hours to $2.30, erasing afternoon losses that saw it fall to $1.92. The currency’s trading volume skyrocketed 22% to $25 billion, making it the third most traded speculative crypto asset.
The rally outperformed the returns of other coins with a higher market capitalization, such as Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).
XRP has been one of the best-performing assets of the Cryptocurrency market’s current bull run, skyrocketing as much as 286% in the last month.
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Consequently, large holders, or “whales,” have significantly increased their activity around the currency.
In the last 30 days, more than 2.66 billion XRP tokens have been moved to the crypto exchange Binancethe highest figure since April, according to Blockchain analysis company CryptoQuant.
“Whale deposits can often indicate possible changes in strategy, as these players have large amounts of assets,” he explained. JA Maartunnrenowned analyst and author of CryptoQuant.
Exchange Flow (Whales) to Binance hit a 6-month high
“Over the past 30 days, more than 2.66 billion $XRP tokens have been moved to the exchange. This is the highest amount of #XRP deposited by large holders since April 2024” – By @JA_Maartun
Link 👇https://t.co/sLtCfbdv1n pic.twitter.com/VXDnUv9oTZ
— CryptoQuant.com (@cryptoquant_com) December 10, 2024
The currency’s bullish streak has been based on Donald Trump’s presidential victory, the appointment of Paul Atkinsa supporter of cryptocurrencies, who will succeed Gary Gensler as president of the US Securities and Exchange Commission (SEC), a series of applications to establish XRP as an exchange-traded fund, and the regulatory green light for the stablecoin RLUSD of Ripple Labs.
XRP price movement
At the time of writing, XRP was trading at $2.30, up 5.24% over the past 24 hours, according to data from Benzinga Pro.
Photo courtesy of Shutterstock
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