to leave a comment.
▲ Ripple (XRP) ©Go Da-sol
XRP (Ripple) has recovered to $1.60 after approximately seven months, reclaiming its $100 billion market capitalization. As large transactions exceeding $100,000 surge to their most active level in a month, and new wallet and ETF activities expand, the upward trend continues, with market attention focused on $1.65 and $1.75.
According to crypto media outlet Finbold on September 23 (local time), XRP rose by approximately 4% over the past 24 hours, reaching $1.60, its highest level since February. Compared to Bitcoin (BTC)'s 0.8% increase during the same period, XRP showed a notable upward trend among major cryptocurrencies. Trading volume also increased, with approximately $7.69 billion worth of XRP traded in 24 hours.
Increased activity by whale investors was cited as a major factor behind the rise. According to Santiment Intelligence, approximately 1,900 large transactions exceeding $100,000 occurred during this surge, marking the highest level in about a month. Network growth also accelerated, with 3,647 new wallets created during the same period, and the balance of tokenized assets on the XRPL (XRP Ledger) and RLUSD (Ripple USD) reached approximately $4.26 billion.
Institutional investor accessibility is also expanding. Bitwise submitted an amended registration statement for an XRP spot ETF to the U.S. Securities and Exchange Commission (SEC) on the 18th. Alongside this, XRP ETF trading volume slightly surpassed $91 million on the 22nd. Fund movements were also observed across the broader altcoin market, with the Altcoin Season Index rising to 48.5% over the past week.
However, XRP is still approximately 60% below its all-time high of $3.84. Technically, $1.57 has emerged as a key support level following the recent breakout. If the upward trend is maintained above $1.60, the next target is the recent swing high of $1.65, and if momentum continues, further gains to $1.75 are possible.
Conversely, a slip below $1.53 could weaken the current bullish structure. In this scenario, a deeper correction to $1.44 is possible. With the reclamation of the $100 billion market cap coinciding with increased whale and network activity, the key variables for further upside in the short term are whether $1.57 holds as support and if the price can be maintained above $1.60.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.