- Whale trades rose to a three-month high.
- The speed at which new participants joined the network increased sharply.
Ripple [XRP] has made steady progress over the past 24 hours, increasing its value by 3.16% to $0.59 at the time of writing, data from CoinMarketCap showed.
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XRP on the move
During the rise, XRP reached 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 payments-oriented cryptocurrency rose more than 25% in the past 12 days.
Although still some way off, the rise boosted hopes of regaining the highs seen shortly after the partial legal victory over the US Securities and Exchange Commission (SEC).
The move to $0.6 also saw increased participation from XRP whales. Whale transactions worth more than $1 million rose to a three-month high on the last day of October, according to on-chain analytics firm Santiment.
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 rose to an all-time high of 277.62k at the time of writing.
Typically, the accumulation of aggressive whales is a strong indicator of a long-term bullish trend. Because they own a large portion of the circulating supply of crypto, their actions are keenly analyzed and emulated by the less experienced retail traders.
Data about the chain seemed to confirm this expectation. As XRP prices rose, the rate at which new participants entered the network increased sharply.
Source: Santiment
Overall, the Ripple ecosystem was optimistic about the near-term prospects. Major legal victories achieved, including the recent one exemption CEO Brad Garlinghouse’s hope for a smooth course was stronger than ever.
A look at Ripple’s Q3 metrics
Ripple published his Third quarter market reportwhich underlines the key performance of the native coin XRP and the underlying blockchain XRP Ledger (XRPL).
Trading volume on decentralized exchanges (DEXs) has increased more than three times quarter-on-quarter (QoQ).
Read XRP’s Price Prediction 2023-24
Ripple reported that daily trading volume consistently exceeded $1 million during the July-August period, reaching $20 million-$30 million on certain days in August.
In addition, the number of new wallets increased by almost 12% to 157,936. However, the total number of transactions fell by more than 8% compared to the second quarter.
