XRP has been a trending topic of discussion for the past few hours. The market-capped asset of $20.63 billion became the biggest gainer over the past day. After noting an appreciation of 8.34% in just 24 hours, the token was trading at $0.4139 at press time.
Social platform data and market information Lunar Crush brought to light that XRP noted a social volume of 8,883 over the past day. The number of social engagements, on the other hand, stood at 24,722,309. As a result, XRP reached the top position on LunarCrush’s AltRank chart.
interest of whales
Lately, whales have apparently started picking up this token. Large transfers of trades to unidentified wallets, presumably whale purchase transactions, have been identified by Whale Alert. A few hours ago, XRP worth $10.57 million was sent from Bitstamp to an unknown wallet.
In fact, tokens have been leaving exchanges in large quantities since the start of this week. Around 38,600,000 tokens worth $14.4 million left Bitso on November 23. At the same time, there were additional releases of Binary stamp and Bittrex too.
So, if the dots are connected, it is likely that said buying paves the way for XRP to begin its uptrend.
In terms of on-chain activity, XRP has already Advanced in fourth place. As shown below, over $669 million has been settled on the blockchain in the past day. At the same time, the number of active addresses was north of 50k.
Other blockchain networks like Dogecoin, Litecoin, and Tron ranked lower than this XRP.
Dealing with ongoing FUD
Earlier this month, JPMorgan Chase & Co realized its first live trade on a public blockchain. Notably, the banking giant used Polygon and modified Aave for DeFi trading. Prominent crypto analyst Lark Davis took to Twitter to ask “what is the value proposition for XRP” in such a scenario.
Addressing the same, John Deaton first described XRP’s dominance in the space over the years and tweeted:
Deaton then asked if the influencer knew the difference between Ripple and XRP. Elucidating further on the same subject, he tweeted:
Commenting on common misunderstandings, Deaton added,
“It is very surprising to me that XRP remains one of the most misunderstood cryptos – even though it has been around and has been nearing the top for a decade.“
Despite the FUD, the blockchain project continues to be widely adopted. A recent tweet from Ripple revealed the onboarding of new partners intending to issue stablecoins on the XRP Ledger.