XRP Ranks Third in Market Cap, Surpassing $100 Billion

user avatar

by Giorgi Kostiuk

2 years ago

XRP has become the third largest token globally, surpassing a market cap of $100 billion. This success is attributed to several factors, including legal optimism and active trading on South Korean exchanges.

Drivers of XRP's Growth

Key drivers behind XRP's rally include legal optimism and ETF speculation. Particularly notable was the rise in trading activity on South Korean exchanges, significantly impacting the token's current growth.

Impact of Whale Movements

Recent data shows that over 2 billion XRP tokens were unlocked from Ripple's escrow within the last 24 hours. Additionally, over a billion XRP were transferred from unknown wallets to exchanges like Binance and Upbit. These processes traditionally trigger volatility but do not disrupt the market, facilitating XRP price swings.

Future Prospects and Predictions

Recent price action of XRP indicates the possibility of reaching a new all-time high by 2024's end. Trading volumes have risen by 18% compared to 2021, representing increased bull interest in the token. Some forecasts suggest the price might reach $11 and potentially $30, pending ongoing trajectory follow-through.

Final projections suggest confidence in further XRP growth, potentially setting new price records if the current momentum continues.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Kraken Exchange Announces Withdrawal Phase for 13 Assets

Kraken has officially moved into the withdrawal phase for 13 assets, with trading and deposits set to stop on October 23, 2023. Customers are urged to withdraw their remaining tokens before the exchange begins liquidating balances.

user avatarTando Nkube

Cardano's Leios Scaling Plan Unveiled

Cardano has unveiled a detailed roadmap for its Leios scaling plan, targeting significant increases in transaction capacity with a staged approach for adjustments based on real-world performance.

user avatarKofi Adjeman

Cardano's New Scaling Test Reveals Key Performance Metrics

A recent report by Input Output highlights the performance improvements of the Cardano scaling test, focusing on throughput and completion time.

user avatarSatoshi Nakamura

Crypto Market Declines Following Global Selloff

The crypto market faced a significant decline over the weekend, with Bitcoin falling 11%, Ethereum dropping 26%, and Solana decreasing by 28%, following a global market selloff.

user avatarNguyen Van Long

Cardano Developers Launch Public Test Network for Dijkstra Upgrade

Cardano developers have launched a public test network for the Dijkstra upgrade, enabling developers to test and prepare for new protocol rules.

user avatarJesper Sørensen

Tether Introduces New Framework to Enhance Bitcoin Mining Operations

Tether has announced a new initiative aimed at simplifying Bitcoin mining operations by integrating existing equipment through a common software framework.

user avatarRajesh Kumar

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.