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XRP, the world’s seventh largest cryptocurrency, has seen massive fluctuations in the past 24 hours as its price jumped nearly 10% in one hour during the Asian trading session on Friday, September 10.
According to the latest data published by Coinmarketcap, XRP jumped from $1.10 to $1.23 today. However, the price saw a pullback recently and fell to the $1.13 level. At the time of writing, the cryptocurrency was trading near $1.14 with a market capitalization of over $52 billion.
One of the main reasons behind the recent jump in the world’s seventh largest digital currency is address activity. The total number of active addresses has increased sharply in the past few days. “XRP just had another explosion of 10%, a slight dip, and now another advance at the time of writing. The main ongoing big metric for XRP is address activity. When unique addresses suddenly rise, a price hike usually follows in the medium term. Crypto Analytics Platform, Santiment mentioned.
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XRP whale activity
In addition to the increased headline activity, XRP whale activity has jumped significantly in the past few days. Today, a prominent crypto wallet has transferred 83.2 million XRP to an unknown wallet. The total value of the transfer is currently around $94 million. The said conversion was performed at 5:03 UTC. In a separate transaction, an XRP whale account moved more than 10 million coins worth over $13 million from crypto exchange Upbit to Bittrex on Friday, September 10 at 1:42 UTC.
Yesterday, Ethereum rival Solana (SOL) digital assets crossed the $60 billion market cap and became more valuable than XRP. After its all-time high, SOL saw a massive correction and fell more than 10%. On the other hand, the demand for XRP increased during the same period. The difference between Solana’s market capitalization and XRP is now around $3 billion.
The total market capitalization of cryptocurrencies has remained stable over the past 24 hours near $2.1 trillion.
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