XRP continues its explosive rally, with trading volumes hitting an impressive $3.7 billion against the Korean won on Upbit, South Korea’s largest crypto exchange. According to CoinGecko, this accounted for 27.6% of Upbit’s total trading volume, overshadowing Bitcoin’s modest $340 million on the same platform.
XRP Flips USDT and Records Seven-Year High
During early Asian trading hours, XRP achieved a significant milestone by flipping USDT’s market cap, becoming the third-largest cryptocurrency globally. The token’s price surged past $2.50, recording a remarkable 70% gain in the last seven days.
On Bithumb, another major South Korean exchange, XRP registered $1.2 billion in trading volume within 24 hours, constituting 32% of the platform’s total trading activity. Meanwhile, on Binance—the world’s largest exchange—XRP accounted for 10% of total trading volume, outpacing Bitcoin’s 7.13%.
What’s Fueling XRP’s Meteoric Rise?
XRP’s rally has propelled the token to its highest price since January 8, 2018, nearly $2.50. Several key factors are driving this surge:
- Institutional and Whale Accumulation:
Blockchain analytics firm Santiment reports that wallets holding 1–10 million XRP have accumulated 679.1 million tokens—valued at $1.66 billion—over the past three weeks. - Growing Network Activity:
The number of non-empty XRP wallets has exceeded 5.5 million for the first time in the token’s eight-year history, signifying increasing user adoption and activity.
Market Sentiment: Is the Rally Nearing Its End?
Despite XRP’s meteoric rise, analysts caution that the rally may be nearing its peak:
- FOMO from Small Retail Investors: According to Santiment, smaller XRP wallets that faded earlier in the rally are now re-entering the market, a trend typically associated with market tops.
- Short-Term Risk: While institutional interest remains strong, retail-driven FOMO could introduce volatility in the coming weeks.
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