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

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

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.