In the latest development, there is an increasing whale activity on XRP. Since its launch, XRP has never attracted such a level of whale attention. With XRP whale activity reaching an all-time high, this shows that XRP is now considered a valuable asset by whales.
Notably, XRP recently hit a multi-year high of $2.79. The rally has pushed its market cap above $130 billion, which has made XRP outperform popular tokens such as SOL, BNB, and DOGE. Notably, this bullish momentum has made XRP replace USDT as the third largest cryptocurrency by market cap, with XRP currently sitting at $154 billion, while USDT sits at $134 billion.
Whale-driven rebound!
The recent rise of XRP has been primarily driven by whale activity, triggering fears of missed opportunities among retail investors.
Whale activity on Coinbase has played an important role.
Coinbase whales are driving the rise of XRP. Over the past 30 days, Coinbase's minute-level price premium has ranged between 3% and 13% during the surge. Meanwhile, Upbit, a Korean exchange with more XRP investors than Binance, has not shown significant premiums so far.
Wallets holding 1 million to 10 million XRP have increased by 671 million XRP in just three weeks, worth up to $1.66 billion.
It is noteworthy that cryptocurrency giants are not the only forces driving the recent surge of XRP. Sentiment data also highlights significant participation from retail investors. The total number of XRP wallets has reached a record high of 5.5 million, indicating that many previously inactive wallets now hold balances.
Is RLUSD coming soon?
According to Fox Business, Ripple is preparing to launch the service as early as December 4. If this happens, it will be crucial for Ripple, as it will make RLUSD a direct competitor to mature stablecoins like USDC and USDT.
RLUSD will enable Ripple to offer a stable alternative for users seeking the benefits of digital assets without the price volatility associated with XRP or other cryptocurrencies.
