The crypto market is still facing a bearish effect due to the raging crypto winter, but XRP is performing on the daily chart. Since last year, various crypto assets have been struggling to stay afloat as token prices fluctuate. Unfortunately, the overall result has not impressed many crypto participants and investors.
But the new year is bringing a positive turn in the crypto market. Some crypto tokens have started to recover their value in the last seven days. For example, XRP has taken a more vital route by joining the bullish token bandwagon for an upward move.
Upward XRP Price Trends
In a new development, the price of XRP increased impressively in a few days. According to data from CoincodexXRP is up about 10% in the last seven days.
Additionally, Santiment, an on-chain data provider, reported that the recent recovery in value of the cryptocurrency is due to the increase in active addresses.
According to the data provider, XRP registered around 41,000 active addresses on January 8, 2023. But the number increased rapidly in the following days. As a result, active addresses have grown to more than 148,000 since January 12, 2023. This shows an addition of more than 107,000 active addresses, representing an increase of more than 200% in less than seven days.
Whales show increasing activities
Additionally, XR whales have become massively involved in transactions, according to WhaleAlert, a crypto data provider. He noted that in the last 24 hours, the whales had moved around 193 million XRP for a cumulative value of almost $70 million.
One of the most significant individual transactions is the purchase of a whale of 41 million chips from the Bitso cryptocurrency exchange. The tokens are worth more than $15.2 million at the current market price.
In addition, WhaleAlert reported a transfer of 28 million XRP worth $10.55 million from an unknown whale wallet. In addition, another transfer of 40 million XRP worth $15.07 million from an anonymous wallet. These transactions moved the funds to the Bitso and Bitstampc crypto exchanges, respectively.
The report revealed that the whales transferred up to 88 million tokens to various cryptocurrency exchanges in the last 24 hours. 29.1 million XRP tokens went to the Bitstamp cryptocurrency exchange the day before.
On the other hand, the whales bought 45.2 million XRP tokens from Bitso in the last 24 hours. The value of the total coins is almost $30.7 million based on current market prices.
Ripple Price Performance (XRP)
XRP’s recent uptrend signals a turnaround for the crypto-asset. The coin exhibited impressive volatility, pushing the token across its support level of $0.33.
At the time of writing, XRP is trading at $0.3766. Currently, the market capitalization stands at 18,610 million dollars and its dominance is 2.12%.
According to CoinMarketCap, XRP recorded $1.33 billion in its 24-hour trading volume. This shows an increase of 5.99% in the last day. Furthermore, in the last 24 hours, it reached $0.3783 and $0.3659 as the high and low prices respectively. Featured Image from Pixabay, Charts from TradingView.com, Santiment.net
