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XRP Reclaims 6th Spot in Crypto Market Rankings Amid Fresh Inflows

Wed, 12/14/2022 - 11:31
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Tomiwabold Olajide
XRP flips BUSD to reclaim sixth spot in crypto rankings
XRP Reclaims 6th Spot in Crypto Market Rankings Amid Fresh Inflows
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XRP moved higher in the crypto market rankings as it received fresh funds inflows into its market capitalization. XRP, which had hitherto held the position of the seventh largest cryptocurrency, had this narrative change as its market valuation shot higher.

Santiment observed that in recent weeks, XRP whale addresses holding 100,000 to 10 million XRP began to rapidly increase their holdings.

Millionaire XRP Whales Quickly Filling Their Bags, Here Might Be Reason

According to Santiment, an on-chain analytics firm, the supply of these whale addresses increased from 16.7% to 18.3% in just five weeks.

With a market valuation of $19.67 billion, XRP now ranks as the sixth largest cryptocurrency. Binance's BUSD stablecoin is now the seventh most valuable, with a market cap of $18.8 billion. At the time of publication, XRP was changing hands at $0.391, up 2% in the last 24 hours.

According to Coinshares, sentiment is steadily improving, with digital asset investment products recording minor inflows totaling $8.8 million in the past week.

XRP price action

XRP made a swift rebound from lows of $0.37 on Dec. 12. The climb progressed, with XRP rising above the MA 200 barrier of $0.388 on Dec. 13. The bulls sustained this move until near-term resistance was met around $0.40.

XRP Price Might Offer Discount in Short Term as Signal Flashes

To proceed further, bulls must squash the $0.40 barrier to target the $0.50 level next. XRP must also sustain above the MA 200 at $0.388 for bulls to maintain their impetus.

In the near term, a base is gradually building at $0.37 as bears have failed to price below here on three consecutive occasions. Meanwhile, the general picture remains one of consolidation as the daily RSI remains near the neutral level of 50.

Bulls may, however, gather momentum for an end-of-year price run, aiming at the $0.50 level.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.