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XRP Price Records Growth of 55% in the Past 7-days, What Next?

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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The native coin of Ripple, XRP, has become the top gainer among the major cryptocurrencies. This positive change in investors’ perception of  XRP, has contributed to this extraordinary increase despite the bearish market conditions.

This encouraging investor interest is emerging from the conflicted US SEC v. Ripple lawsuit. The price of XRP has increased by more than 55% during the past 30 days.

Another reason for the XRP price increase is the rising whale interest. According to whale Alert, around 60 million XRP coins have been gathered by whales in the previous day. These deals are estimated to be worth a total of $31.13 million.

The largest reported accumulation, according to the statistics, was 35 million XRP tokens. Whale purchased XRP tokens from the Bittrex cryptocurrency exchange for almost $18.09 million.

According to WhaleStats, among the top 100 BSC whales, the XRP currency from Ripple is one of the most often used smart contracts. Today’s price increase for XPP is about 6%. As of the time of publication, it is trading for an average price of $0.51.

The 24-hour trading volume for XRP has increased by about 77% to $2.9 billion, nevertheless. With a market worth of $25.79 billion, XRP has managed to stay in the top 10 largest cryptocurrencies while facing legal issues from the US SEC.

The idea of rising unemployment in the United States has intensified selling pressure on the global market for digital assets. In the meantime, today’s XRP price printed green candles on the chart.

On October 7, 2022, according to santiment , ripple network growth reached its highest level in the previous three months. On Friday, more than 2.7K new XRP addresses were generated.

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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