Investing.com | Editor Hari G
Published Nov 06, 2023 13:52
Ripple (XRP), the fourth largest cryptocurrency, has led the cryptocurrency market with a notable 10% surge in 24 hours, targeting the $0.7 value. This impressive growth has outpaced many other cryptocurrencies, including Bitcoin, which remains static at around $35K despite a modest 2% weekly rise. As a result of Bitcoin’s flat daily performance, its market dominance has dropped below 50%, triggering a surge in altcoins.
Among the altcoins, NEO and KuCoin’s KCS have made significant gains, with NEO up by 14% and KCS by 11%. In contrast, Solana (SOL) is taking a pause from its rally, while EGLD has seen an 8% daily decrease despite holding a nearly 50% weekly increase.
The surge in XRP is attributed to escalating institutional interest and Ripple’s new approvals to operate in Georgia and Dubai. Additionally, the accumulation of XRP by ‘whales’, or large holders, is believed to have positively impacted its price. According to Santiment, a cryptocurrency analysis platform, wallets holding between 100,000 and 1 billion XRP have reached their highest level in 2023.
Despite some fluctuations, XRP managed to achieve a three-month high when it rose by 23% against Bitcoin last week, underscoring its potential in the competitive cryptocurrency market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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Written By: Investing.com
