XRP price hit a new daily high of 1.24 after a sharp 14% gain within 10 minutes before dropping to the $1.10 level. The spike in the price of the seventh-largest cryptocurrency has been attributed to a false-listing alert on Coinbase Pro. A technical glitch or an error on the Coinbase side caused traders to see the option to trade XRP on the platform.
The crypto platform drew attention to the glitch and clarified that they are not really relisting XRP. In January, after the SEC filed a lawsuit against Ripple, most crypto platforms removed XRP from their trading listings to avoid any legal issues with the SEC. Now, however, demand to relist XRP has increased significantly as the SEC threatens Coinbase with a lawsuit over unlisted loan products.
Whale Event
There are also those pointing to address activity as one of the main reasons behind the recent jump in the 7th largest digital currency in the world. The total number of active addresses has increased sharply over the past few days. Crypto analytics platform Santiment said:
“XRP has experienced a 10% increase at the time of writing, a minor pullback and now another uptrend. A great ongoing leading metric for XRP is address activity. When unique addresses spike suddenly, a price increase usually comes in the medium term.”
In addition to rising address activity, XRP whale activity has also increased significantly over the past few days. Today, a leading crypto wallet moved 83.2 million XRP to an unknown wallet. The total value of the transfer is currently around $94 million. In a separate transaction, the XRP whale account moved over 10 million XRP coins worth more than $13 million from crypto exchange Upbit to Bittrex.
Besides, yesterday, digital asset Solana (SOL) surpassed the market cap of $60 billion and became more valuable than XRP. Following its all-time high, the SOL saw a major correction and is down more than 10%. On the other hand, demand for XRP has increased over the same period. The gap between Solana’s market cap and XRP currently stands at around $3 billion.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.