In recent days, Ripple's token, XRP, experienced a remarkable surge, reaching a four-month high. Let's explore the primary reasons behind this trend.
Social Engagements and Network Activity
The price increase of XRP from $2.3 to nearly $3 over a 36-48 hour period marked a significant event in the crypto market. A crucial factor was the rise in the number of new wallets, with almost 7,000 new addresses created in 24 hours.
CITE_NA: 'XRP hit a high of $2.97, coinciding with an increase in new wallets created and rising retail interest.'
Whales and Market Resurgence
At the start of the rally, the number of large wallets holding at least a million tokens reached a record of 2,743. This indicates growing interest among larger investors, contributing to the token's price surge.
Overall Cryptocurrency Market Context
XRP was not the only token experiencing a consolidation phase. Bitcoin was also undergoing a similar phase, but its recent rise to a new all-time high supported the movement of the entire cryptocurrency market.
Thus, Ripple's surge can be attributed to several interconnected factors. The increase in social interest in the token, the activity of large investors, and the overall market dynamics create a foundation for its continued growth.
