Ripple-affiliated XRP token has seen a 9% surge, a price spike that has allowed it to approach BNB’s market cap
XRP has made a significant move, surging 9% to reach an intraday high of $0.68, according to market data provided by CoinGecko.
It is now close to surpassing BNB by market capitalization. The cryptocurrencies are valued at $37.4 billion and $36.5 billion, respectively.
The controversial token, which is associated with San Francisco-based blockchain company Ripple, has now managed to hit its highest level since Aug. 2.
However, the token is still far away from reclaiming its yearly high of $0.93 which was achieved on July 13. This surge came after a federal judge ruled in favor of Ripple Labs in a closely watched case with the Securities and Exchange Commission. The court determined that XRP sales were not securities, except in specific cases involving institutional sales.
Despite a substantial plunge to as low as $0.42 on August 17th, XRP’s price has recovered remarkably, now boasting an almost 60% increase since mid-August.
XRP’s price outperformance
Comparatively speaking, XRP’s recent performance has outshone its peers among the top 10 cryptocurrencies by market cap.
Bitcoin (BTC) and Ethereum (ETH) have shown relatively modest movements, with BTC decreasing slightly by 0.2% and ETH remaining stable, XRP has climbed by 22.9% over the past week.
BNB’s 7.6% gain also falls short of XRP’s leap, setting the stage for a potential shift in rankings if the upward trend continues for Ripple’s native token.
Uptick in whale holdings
According to data from blockchain analytics firm Santiment, XRP has not only increased in price but also in the interest among larger-scale investors, commonly referred to as “whales.”
Their data indicates that wallets holding between 100,000 to 1 billion XRP now contain their highest level of the token in 2023, a sign of growing confidence from significant stakeholders.
This uptick in whale holdings coincides with a substantial transfer reported by Whale Alert. A whopping 23.8 million XRP, equivalent to over 15.6 million USD, was moved to the Bitstamp exchange.
The narrative around XRP has turned increasingly positive following the legal clarity provided by the recent court ruling. However, caution remains as the crypto markets are known for their unpredictability.