XRP has seen a massive 67% rally in the past 24 hours. Here are some facts that reveal on-chain data about this price hike.
Several indicators have risen after the XRP rally
In its latest insight post, the on-chain analytics firm Sanitation has looked at the underlying stats related to XRP as the cryptocurrency has seen extremely strong gains over the past day.
This rapid growth in the asset’s value is a result of Ripple’s court victory, as XRP has been declared “not a security.” Immediately after the announcement, the coin had managed to gain about 90%, but in the hours since, the asset has taken a hit.
Nevertheless, the cryptocurrency has still managed to hold on to most of its gains so far as it is still up 67%. This increase has made the asset the fourth-largest in the space in terms of market cap as it jumped past BNB.
After the rally, XRP’s “social dominance” saw a sharp rise towards 7.4%, as the chart below shows.
Looks like the metric's value has spiked | Source: Santiment
Social dominance measures how social media discussions related to a given coin (XRP in this case) compare to the combined amount of talk the top 100 assets by market cap are currently receiving.
At the current value of the metric, 7.4% of all discussions related to these top 100 coins come from XRP alone. Such high interest among social media users is generally a sign of euphoria, which usually leads to a correction in the price. This may explain why the asset has taken a beating since its initial jump.
In terms of whale activity, the network has, of course, been active during this surge as these giant investors have made a large number of trades as shown below.
The value of the metric seems to have been quite high recently | Source: Santiment
The number of whale transports passed the 637 mark last day, the highest level seen in 2023. “Obviously, the pump is fueled by these large transactions,” notes Santiment.
Trading volume (the total amount of XRP traded on the chain) has also increased sharply, which is not too surprising given the high amount of whale activity that has taken place over the past day.
The volume has seen a spike | Source: Santiment
The current trading volume levels are the highest they have reached in about 10 months, further demonstrating the extraordinary activity the blockchain is seeing right now.
The analytics company also pointed out how the cryptocurrency’s sharks and whales had accumulated over the few months leading up to this rally.
The sharks and whales have been constantly buying | Source: Santiment
“This group of wallets is essentially the one best monitored to understand how ‘smart money’ behaves,” explains Santiment. “And they’ve been showing confidence in the property for over two months now, even before today’s ruling.”
XRP price
At the time of writing, XRP is trading around $0.78, up 69% over the past week.
XRP's extraordinary rise during the past day | Source: XRPUSD on TradingView
Featured image of Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net