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XRP Suddenly Jumps 6% in Hour as This Positive Catalyst Appears: Details

Mon, 01/23/2023 - 09:45
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Tomiwabold Olajide
XRP printed six green hourly candles at a stretch
XRP Suddenly Jumps 6% in Hour as This Positive Catalyst Appears: Details
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XRP (XRP) suddenly jumped within hours as what seemed like a positive catalyst appeared for its price. According to Santiment, an on-chain analytics firm, the pattern of large social dominance spikes often led to XRP price gains.

In the last 24 hours, XRP has been a top trending item on social media site Twitter as discussions regarding its price and progress made in the Ripple lawsuit, among others, have taken place.

XRP: Address Activity and Social Dominance Spikes, Here's Impact

The impact was felt on the price, as XRP printed six green hourly candles at a stretch. The largest green hourly candlestick produced a rise to highs of $0.432 before the price somewhat eased.

XRP was a top gainer among the top 10 cryptocurrencies by market cap, as it is up nearly 6% in the last 24 hours and 10.13% in the past week. At the time of writing, XRP trades at $0.424.

As reported by U.Today, XRP holders received the good news that in the ongoing Ripple-SEC lawsuit, all motions are now fully briefed and the judge's decision is awaited.

In December 2020, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs and two of its executives, alleging the $1.3 billion sale of XRP constituted an unregistered security offering.

336.2 million XRP have moved in last 24 hours

According to crypto data tracker Whale Alert, 336.2 million XRP have moved in the last 24 hours. The biggest of the transactions involved 221,500,000 XRP worth $89,110,472 moved between unknown wallets.

A total of 48,700,000 XRP valued at $19,516,228 was transferred from Bitso to an unknown wallet. Another 34,000,000 XRP worth $13,613,672 was moved from an unknown wallet to Bitstamp.

Meanwhile, 32,000,000 XRP, or $12,762,494, was also moved from an unknown wallet to the Bitstamp exchange.

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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.