XRP, the world’s 7th largest cryptocurrency, saw immense volatility in the last 24 hours as its price jumped by nearly 10% within 1 hour during the Asian trading session on Friday 10 September.
According to the latest data posted by Coinmarketcap, XRP jumped from $1.10 to as high as $1.23 today. However, the price saw a pullback recently and dropped to the price level of $1.13. At the time of writing, cryptocurrency is trading near $1.14 with a market cap of over $52 billion.
One of the major reasons behind the latest jump in the world’s 7th largest digital currency is its address activity. The total number of active addresses has increased sharply in the last few days. “XRP just enjoyed another 10% burst, minor pullback, and now another leg up at the time of this writing. A continued great leading metric for XRP is address activity. When unique addresses suddenly spike a price rise usually follows in the mid-term,” the crypto analytics platform, Santiment mentioned.
XRP Whale Activity
In addition to the rising address activity, XRP whale activity has jumped significantly in the last few days. Today, a prominent crypto wallet moved 83.2 million XRP to an unknown wallet. The total value of the transfer currently stands at around $94 million. The mentioned transfer was executed at 5:03 UTC. In a separate transaction, the XRP whale account moved over 10 million coins worth more than $13 million from crypto exchange Upbit to Bittrex on Friday 10 September at 1:42 UTC.
Yesterday, digital asset Solana (SOL), a competitor of Ethereum, crossed the market cap of $60 billion and became more valuable than XRP. Following an all-time high, SOL saw a major correction and dropped by more than 10%. On the other hand, XRP’s demand surged during the same period. The difference between the market cap of Solana and XRP now stands at around $3 billion.
The overall market cap of digital currencies remained stable during the last 24 hours near $2.1 trillion.
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