XRP, the world’s seventh largest cryptocurrency, has seen a lot of volatility in the last 24 hours, with its value jumping about 10% in a single hour during the Asian buying and selling session on Friday, September 10th.
XRP has surged from $1.10 to as high as $1.23 in response to the most recent information published by Coinmarketcap. However, the price has just begun to fall, and it is now trading at $1.13. At the time of writing, bitcoin is trading for around $1.14, with a market capitalization of more than $52 billion.
One of the primary reasons for the most recent surge in the world’s seventh largest digital currency is its management exercise. In the last several days, the number of active addresses has increased dramatically. “XRP simply adored another 10% explosion, a tiny pullback, and now a new leg up at the time of writing. Handle exercise has remained a useful core metric for XRP. When unique addresses suddenly spike, a value increase usually follows in the mid-term,” according to Santiment’s crypto analytics platform.
Whale XRP Experiment
Along with the increase in handle activity, XRP whale activity has increased significantly in the last few days. Currently, a well-known crypto wallet has shifted 83.2 million XRP to an unknown wallet. The switch’s total value is currently estimated to be at $94 million. At 5:03 UTC, the discussed switch was activated. On Friday, September 10th at 1:42 UTC, the XRP whale account moved over 10 million dollars worth more than $13 million from crypto exchange Upbit to Bittrex in a separate transaction.
Solana (SOL), a competitor of Ethereum, just crossed the $60 billion market cap milestone and has shown to be more useful than XRP. Following an all-time high, SOL saw a severe correction and fell by more than 10%. XRP, on the other hand, had a rise in demand within the same time period. The difference in market capitalization between Solana and XRP is now around $3 billion.
Over the last 24 hours, the total market capitalization of digital currencies has stayed stable at over $2.1 trillion.