The post XRP Outperforms Tether In Market Cap; Witnesses Massive Rally Driven By Whales appeared first on Coinpedia Fintech News
In a latest development, an onchain analyst Kriptolik has noted the increasing whale activity on XRP. He noted that Since its launch, XRP has never caught the attention of whales to this extent. With XRP whale activity at an all-time high, this indicates that XRP has now been embraced as a valuable asset by whales.
Notably, XRP has recently hit yet another multi-year high of $2.79. This rally pushed its market cap beyond $130 billion, which led to XRP outperform popular coins like Solana (SOL), BNB, and Dogecoin (DOGE). Remarkably, this bullish momentum has led XRP to unseat Tether as the third-largest crypto by market cap, with XRP currently sitting at a market cap of $154 billion compared to Tether’s $134 billion.
Rally Driven By Whales!
Crypto analysts suggest that XRP’s recent rally was largely driven by whale activity, triggering a fear of missing out among retail investors. In a latest X post, CryptoQuant CEO Ki Young Ju noted that whale activity on Coinbase played a significant role.
He noted that “Coinbase whales are driving this XRP rally. Over the past 30 days, Coinbase’s minute-level price premium has ranged from 3% to 13% during the surge. Meanwhile, Upbit, a Korean exchange with more XRP investors than Binance, has shown no significant premium so far.”
Santiment, a leading analytics firm, in a recent X post noted that wallets holding between 1 million and 10 million XRP added 671 million coins worth a whopping $1.66 billion in just three weeks.
XRP has skyrocketed to an astounding $2.49 market value for the first time since January 8, 2018. The 6-year (nearly 7-year) high comes as wallets with 1M-10M XRP have accumulated 679.1M tokens (currently worth $1.66B) in just 3 weeks. Also, total non-empty XRP wallets have… pic.twitter.com/bIsfOqdCQX
— Santiment (@santimentfeed) December 2, 2024
Notably, crypto whales aren’t the only ones driving XRP’s recent surge. Sentiment data also highlights significant involvement from retail investors. The total number of XRP wallets has reached an all-time high of 5.5 million, indicating that many previously inactive wallets are now holding balances.
RLUSD Around The Corner?
According to Fox Business, Ripple is preparing for a potential launch as early as Dec. 4. If this happens, it will be crucial for Ripple as it would position RLUSD as a direct competitor to established stablecoins like USDC and USDT.
RLUSD would enable Ripple to provide a stable alternative for users seeking the benefits of digital assets without the price volatility associated with XRP or other cryptocurrencies.
Analysts Bullish on XRP
While XRP is currently sitting at $2.68, it still trades about 30% below its all-time high of $3.84, achieved in January 2018. Notable crypto analyst Dark Defender has identified a Fibonacci-based target of $5.85, marking it as a key level.
He noted that XRP has consistently met critical milestones, including its recent surge past $1.88, and highlights support levels at $1.88 and $2.13 as potential safety nets. His roadmap even charts a long-term target of $18.22, which is bold prediction.
Raoul aul, the CEO of Real Vision, also shared XRP’s ‘good-looking chart’ and believes that it has a lot of potential to go up.
