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XRP Records Sudden 6% Jump, What's Happening?

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Wed, 1/11/2023 - 10:34
XRP Records Sudden 6% Jump, What's Happening?
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After showing signs of slowdown earlier today, XRP has printed a sudden parabolic run in price. At the time of writing, the digital currency is up by 6%, with its price rebounding from its 24-hour low of $0.5823 to its current level of $0.601.

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As XRP Price Recovers, Whale Activity and Wallet Holdings Surge

XRP 1D Chart. Source: CoinMarketCap

With the reboot in price, XRP has now extended its lead in terms of price gains over the past seven days. Within this time, the coin has soared by 9.77%, and on average, XRP sustained its trading volume for the better part of October. At the moment, a total of $2,320,662,076 XRP was traded on exchanges, accounting for a growth rate of 38%.

Binance welcomed the highest XRP trading volume with a total of $379,948,931, up 16%. The sudden revival might be linked to the general optimism in the XRP community, stemming from the build-up of a series of reward campaigns launched by Ripple's ally, Uphold, to the legal victory scored by the coin over its status in the US.

XRP is now the only altcoin in the United States regarded by law as a nonsecurity. With this knowledge, XRP bulls are notably eyeing starting November on a clean slate.

Ripple and Xahau effects

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1 Billion XRP Unlocked by Ripple, XRP Price Reacts With 3% Drop

Two other potential reasons for the current resurgence in XRP's price is the release of 1 billion XRP from escrow by Ripple Labs Inc. While this naturally means there are more XRP in circulation, it also underscores how Ripple is holding onto its end of the bargain to prop up the management of the XRP supply.

The launch of Xahau, the XRPL sidechain, is also adding further optimism to the coin's rally. Xahau came live after passing a comprehensive code audit, and the launch underscores how versatile the XRP Ledger is and its push to drive XRP's utility moving forward.

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