XRP has observed a massive 67% rally during the past 24 hours. Here are some facts on-chain data reveals about this price surge.<\/p>\n
In its latest insight post, the on-chain analytics firm Santiment<\/a> has looked into the underlying metrics related to XRP as the cryptocurrency has seen an extremely sharp surge during the last day.<\/p>\n This rapid growth in the asset\u2019s value has come following Ripple\u2019s victory<\/a> in court as XRP has been declared \u201cnot a security.\u201d Immediately after the announcement, the coin had managed to rise by around 90%, but in the hours since then, the asset has taken some hit<\/a>.<\/p>\n Nonetheless, the cryptocurrency has still managed to hold onto the majority of its gains so far, as it\u2019s still up 67%. This rise has now made the asset the fourth largest in the space in terms of market cap, as it has leapfrogged past BNB.<\/p>\n Following the rally, the \u201csocial dominance<\/a>\u201d of XRP saw a sharp surge toward the 7.4% mark, as the below chart displays.<\/p>\n\n Social dominance measures how the discussions on social media related to any given coin (which, in this case, is XRP) compare against the combined amount of talk the top 100 assets by market cap are receiving currently.<\/p>\n At the current value of the metric, 7.4% of all discussions related to these top 100 coins are coming from XRP alone. Such a high amount of interest among social media users is generally a sign of euphoria, which usually leads to a correction in the price. This may explain why the asset has taken a hit since the initial jump.<\/p>\n In terms of whale activity, the network has naturally been active during this surge, as these humongous investors have made a large number of transactions, as shown below.<\/p>\n\n The number of whale transfers has crossed the 637 mark during the past day, which is the highest level observed in 2023. \u201cClearly the pump is being fueled by these large transactions,\u201d notes Santiment.<\/p>\n The trading volume (the total amount of XRP being transacted on the chain) has also registered a steep increase, which isn\u2019t too surprising considering the high amount of whale activity that has occurred during the past day.<\/p>\n\n The current levels of the trading volume are the highest that they have been in around 10 months, further showcasing the extraordinary activity that the blockchain is observing right now.<\/p>\n The analytics firm has also pointed out how the sharks and whales of the cryptocurrency had been accumulating during the couple of months that have led to this rally.<\/p>\n\n \u201cThis group of wallets is essentially the one best to watch to understand how \u2018smart money\u2019 is behaving,\u201d explains Santiment. \u201cAnd they had been showing confidence in the asset for over two months now, even prior to today\u2019s court ruling.\u201d<\/p>\n At the time of writing, XRP is trading around $0.78, up 69% in the last week.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n XRP has observed a massive 67% rally during the past 24 hours. Here are some facts on-chain data reveals about this price surge.<\/p>\n In its latest insight post, the on-chain analytics firm Santiment<\/a> has looked into the underlying metrics related to XRP as the cryptocurrency has seen an extremely sharp surge during the last day.<\/p>\n This rapid growth in the asset\u2019s value has come following Ripple\u2019s victory<\/a> in court as XRP has been declared \u201cnot a security.\u201d Immediately after the announcement, the coin had managed to rise by around 90%, but in the hours since then, the asset has taken some hit<\/a>.<\/p>\n Nonetheless, the cryptocurrency has still managed to hold onto the majority of its gains so far, as it\u2019s still up 67%. This rise has now made the asset the fourth largest in the space in terms of market cap, as it has leapfrogged past BNB.<\/p>\nXRP Price<\/h2>\n
Several Indicators Have Surged Following The XRP Rally<\/h2>\n