The crypto market is still feeling the dampening effect from the loud crypto winter, but XRP is doing well on the daily chart. Over the past year, many crypto assets have struggled to stay on top as token prices fluctuate. Unfortunately, in general it did not affect many participants and crypto investors.
But the new year brings positive changes in the crypto market. Some crypto tokens have started to recover their value in the last seven days. For example, XRP took a more serious approach by joining the train of bullish tokens for moving higher.
The Price of XRP is High
In the latest development, the price of Ripple jumped significantly during the day. According to data from Coincodex, XRP has risen around 10% in the past seven days. In addition, Santiment, a provider of data on the chain, reported that the recent recovery in cryptocurrency value is due to the increase in active addresses.
According to the data provider, XRP recorded around 41,000 active addresses on January 8, 2023. But the number increased rapidly in the following days. As a result, active addresses have increased by more than 148,000 since January 12, 2023. This represents the addition of more than 107,000 active addresses, representing an increase of more than 200% in less than seven days.
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Whales Show Increasing Activity
In addition, XR’whales are doing great business, according to WhaleAlert, a crypto data provider. He said that in the last 24 hours, the whale has moved about 193 million XRP at a price of almost $ 70 million.
One of the largest transactions was the purchase of 41 million whales from the Bitso crypto exchange. These tokens are worth more than $15.2 million at current market prices.
In addition, WhaleAlert reported the transfer of 28 million Ripple worth $10.55 million from an unknown whale wallet. Also, another transfer of 40 million XRP worth $15.07 million from an anonymous wallet. These transactions moved funds to crypto exchanges Bitso and Bitstampc, respectively.
The report revealed that whales transferred as much as 88 million in several crypto exchanges in the last 24 hours. 29.1 million Ripple tokens went to crypto exchange Bitstamp in the last day. On the other hand, whales bought 45.2 million XRP tokens from Bitso in the last 24 hours. The total coin value is almost $30.7 million based on current market prices.
Ripple Price Performance
The recent rise in XRP marks a turning point for crypto assets. The coin showed a dramatic reversal, causing the token to breach its $0.33 support level. At the time of writing, XRP is trading at $0.3766. Currently, the market value sits at $18.61 billion and its potential is 2.12%. According to CoinMarketCap, XRP recorded $1.33 billion in 24-hour market capitalization. This shows an increase of 5.99% on the previous day.
