XRP wallets holding between 100,000 and 1 billion XRP coins have recorded a yearly high. The flow from these addresses contributed to the remarkable price rally for the token.
Moreover, XRP’s impressive performance is notable through the token’s decoupling from Bitcoin’s price trend.
XRP Decouples From Bitcoin, Highlights Impressive Records
According to data from the crypto analytics firm Santiment, XRP has made a remarkable feat through its recent price trend. The token has hit a maximum point since August 2. XRP’s price witnessed an 8.87% surge over the past day as it climbed to $0.6767.
🥳 #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
Over the past few months, XRP has reflected a detached correlation with Bitcoin in its growth indices. Santiment noted the dissociation between BTC and XRP within the past 90 days as XRP scaled by over 23% against BTC within the past 7 days.
Through the price surge, XRP triggered a spike in its market cap, which rose by over 9%. As of 08:12 AM EST today, November 6, the market cap has reached $37.75 billion. Moreover, XRP has displaced BNB on the CoinMarketCap ranking to become the fourth-largest crypto asset by market cap.
It boasts a staggering 81.86% increase in its 24-hour trading volume, with the value hitting $2.51 billion. The volume represents the sales of over 3.57 billion XRP coins within the past 24 hours. Further, Santiment disclosed some major elements of XRP’s ecosystem new highlights, such as its social dominance and whale outlook.
According to the chart from the analytics firm, Ripple addresses 100,000 to 1 billion coins, currently holding 45.8% of the token’s total supply. The growth represents an XRP’s record high for 2023. XRP’s new feat is quite outstanding and inspiring for this category of XRP holders with drastic growth from August 12 till date.
Ripple whales maintained an impressive height between mid-August and September 21 before a decline in the percentage of their holdings. However, the cumulative supply of the whales’ holdings was consistent till October 23, though with intermittent spikes.
The indicated rally for XRP shows that the token whales are committed to its sustainability based on XRP’s positive and clear legal stance in the US.
XRP Social Dominance Takes To The North
While the whales are making a huge growth impact through their holdings, XRP’s social dominance takes a higher hit. The metric has maintained the highest rate since mid-July. According to the Santiment chart, XRP discussions on social media scaled prominently since mid-July.
The positive sentiment for Ripple could be due to the consistent legal wins for Ripple Labs against the US SEC between August and October. Additionally, the XRPL’s outlook reflects great and favorable opportunities for whales to engage in.
Notably, the XRPL has recorded several innovations in its network, including introducing its sidechain, Xahau, which indicates that the XRPL protocol could compete with other layer-1 models. Following XRP’s surge across the $0.65 region, the token could reach between $1.10 and $1.40 with sustainability bullish momentum.