• In the past seven days, the price of XRP surged impressively by approximately 10%.
• The surge in price is due to increasing active addresses, which have grown to over 148K since January 12, 2023.
• XRP whales have been engaging massively in transactions, with 193 million XRP worth almost $70 million cumulatively moved within the past 24 hours.
The crypto market has been experiencing a turbulent time since the start of the raging crypto winter, with several crypto assets struggling to stay afloat as prices of tokens fluctuate. Unfortunately, the overall outcome has not been favorable for many crypto participants and investors. But the new year is bringing a positive turn in the crypto market, with some crypto tokens beginning to reclaim their value over the past seven days. One of those tokens is XRP, which has seen an impressive surge in price.
Data from Coincodex reveals that XRP has risen by approximately 10% in the past seven days. This surge in XRP’s price has been linked to an increase in active addresses, according to on-chain data provider Santiment. The provider reported that XRP recorded about 41K active addresses on January 8, 2023. But since then, the number has surged rapidly to over 148K since January 12, 2023, representing an addition of over 107K active addresses, or a 200% increase in less than seven days.
In addition to the surge in active addresses, XRP whales have been engaging massively in transactions, according to crypto data provider WhaleAlert. The provider reported that within the past 24 hours, whales had moved about 193 million XRP worth almost $70 million cumulatively. This is indicative of the strength of the current XRP bull run, which is expected to continue as long as whales remain active in the market.
Overall, the recent surge in XRP’s price is a welcome development for crypto participants and investors, as it shows that the crypto market is gradually recovering from the crypto winter. While the current bull run may not last forever, it does provide a ray of hope that the crypto market can recover from its current state and continue to grow in the long run.