According to U.Today, XRP, a leading alternative cryptocurrency, surged to $0.59 earlier today, marking its highest price point since April. This increase has been primarily driven by rising levels of token holdings among whales and sharks owning more than 100,000 XRPs, as noted by cryptocurrency analytics platform Santiment. The firm highlighted that a significant accumulation turning point occurred last August.
Data from CoinGecko reveals that XRP recorded a 10% spike over the past 24 hours, significantly outperforming other major altcoins. The Ripple-affiliated token is currently trading at $0.5903 after reaching an intraday high of $0.5921. With a market capitalization of $32.8 billion, XRP stands as the eighth most valuable digital asset.
Despite these impressive gains, there are some concerning signs for market participants. The XRP token recently formed a bearish divergence, indicating that while the price recorded higher highs, the oscillator formed lower peaks. This could suggest weakening momentum for XRP, potentially serving as a negative indicator for the token's future performance.
U.Today also reported that XRP is experiencing elevated levels of FOMO (Fear of Missing Out) following its recent price spike. However, there are risks associated with excessive market exuberance. The exact reasons behind XRP's substantial rally remain unclear. Last week, CME Group launched real-time indices and reference rates for the Ripple-linked cryptocurrency, which may have contributed to the recent price movements.
