XRP at $15 Price Becomes Part Of The Bigger Picture After 90% Rocket Move In A Week
XRP rallied 80% in one week, surging past $1 for the first time in three years. Its market capitalization hit $61.4 billion, pushing Dogecoin (DOGE) to seventh place. Whale activity and hopes for regulatory clarity fueled the surge.
On Saturday, XRP reached $1.26, its highest since November 2021. The price jump marked an 85% weekly increase. Whale wallets holding 1100 million XRP accumulated 453.3 million tokens worth $526.3 million, Santiment data shows.
At the same time, retail traders dumped 75.7 million tokens worth $87.9 million. This shift highlights growing confidence from major investors. XRPs trading volume rose by 81%, reinforcing its strong momentum.
XRP Overtakes DOGE on Market Cap Rankings
XRPs market capitalization climbed to $60.39 billion, overtaking Dogecoins $53.29 billion. The flip cemented XRP as the sixth-largest cryptocurrency.
The rally comes as Dogecoin struggles to maintain its position. Increased trading volume and whale buying gave XRP the edge.
XRPs surge follows progress in regulatory discussions. Ripples long legal battle with the SEC continues to impact the coin. However, a recent lawsuit by state attorneys general and the DeFi Education Fund questions the SECs crypto oversight.
This legal push boosts market optimism. Investors expect clearer regulations and a favorable outcome for Ripple.
After peaking at $1.26, XRP fell to $1.05. Whale Alert reported large transfers, including 10 million XRP worth $11.3 million to Bitstamp. Whale profit-taking drove the pullback.
CryptoQuant data shows XRP exchange reserves increased by 44 million tokens between November 13 and 16. This coincided with a 56% price surge, signaling mixed market sentiment.
Analysts Split on XRPs Next Move
Overbought conditions on multiple timeframes raise caution as CoinGlass reports $12.6 million in XRP liquidations, including $9.1 million in long positions.
Analysts remain divided. Chris McCrypto predicts XRP could hit $15$20 in the next cycle. CryptoCharged suggests a dip to $0.65$0.75 before another rally.
For now, XRPs rise signals renewed interest and growing market confidence as its leap over DOGE highlights its resurgence as a top cryptocurrency.
Text source: ZyCrypto
