XRP Became the Fourth Largest Cryptocurrency With Its Rise! What is the Source of the Ascension?

Bitcoin While it rose above $ 35,000 again during the day, some altcoins It continues to attract attention with the increases it has experienced.

One of these altcoins is undoubtedly XRP and XRP rose in the last 24 hours and became one of the best performing cryptocurrencies.

According to CoinMarketCap data, XRP gained over 10% before a small pullback during the day, with trading volume rising to $2 billion in the last 24 hours.

This rise makes XRP Bitcoin (BTC), Ethereum (ETH) and Tether’It became the fourth largest cryptocurrency after and XRP replaced BNB.

XRP While this rise pinned above $0.7, analysts evaluated the rise of XRP and its reasons.

Accordingly, analysts said that although it is not directly related to today’s increase, the increasing institutional interest in XRP is positively reflected in the price.

Because Ripple received important approvals to operate and provide services in Georgia and Dubai last week.

Apart from institutional interest, whales’ XRP accumulation may also have had a positive impact on the price.

Zira cryptocurrency analysis platform centimeterStating that whales continue to accumulate XRP, he said that wallets holding between 100 thousand and 1 billion XRP will reach their highest point in 2023.

In addition, Santiment stated that the price of XRP has not increased to $ 0.68 since August 2, and pointed out that the highest level of the last three months was achieved when XRP increased by 23% against Bitcoin last week.

“XRP is at it again and the XRP price has risen above $0.68 for the first time since August 2nd. The last 3-month high occurred when XRP rose +23% against BTC last week.

In addition, the number of wallets holding between 100 thousand and 1 billion XRP reached its highest level in 2023.”

Continuing its rise, XRP is trading at $0.702 at the time of writing.

🥳 #XRPLedger is at it again, reaching a market value north of $0.68 for the first time since August 2nd. The 3-month high happened as $XRP moved up +23% against $BTC in just the past week. Wallets with 100K-1B $XRP now hold their highest level in 2023. https://t.co/v5wlgIQAhh pic.twitter.com/hvZbZ8S1UG

— Santiment (@santimentfeed) November 6, 2023

*This is not investment advice.