XRP Trumps Bitcoin And Ethereum With 286% Monthly Gains As Whale Deposits Hit Highest Levels Since April: Here's What You Should Know
XRP (CRYPTO: XRP) rallied sharply on Tuesday, becoming the biggest gainer among the top 10 cryptocurrencies by market capitalization.
What Happened: The payments-focused coin lifted over 9% over the last 24 hours to $2.30, erasing afternoon losses that saw it dip to $1.92. The coin’s trading volume soared 22% to $25 billion, emerging as the third-most traded speculative cryptocurrency.
The rally outshone returns by higher market cap coins such as Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH)
XRP has been one of the star performers of the ongoing cryptocurrency market bull run, skyrocketing as much as 286% over the past month.
Accordingly, large holders, or “whales,” have significantly increased their activity around the coin.
Over the past 30 days, more than 2.66 billion XRP tokens have been moved to cryptocurrency exchange Binance, the highest since April, per on-chain analytics firm CryptoQuant.
“Whale deposits can often signal potential shifts in strategy, as these players have significant amounts of assets at their disposal,” JA Maartunn, noted analyst and CryptoQuant author said.
The coin’s bull run has hinged on Donald Trump’s presidential victory, cryptocurrency-friendly Paul Atkins succeeding Gary Gensler as SEC Chair, a slew of filings for XRP spot exchange-traded funds, and the regulatory green light for Ripple Labs’ RLUSD stablecoin.
Price Action: At the time of writing, XRP was trading at $2.31, up 9.23% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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