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<a href="https://en.coin-turk.com/crypto-market-regains-momentum-bitcoin-and-xrp-experience-volatility/”>Ripple (XRP) has managed to increase its price by 3.16% in the past 24 hours, reaching $0.59. But will this upward trend in the popular altcoin continue?
Psychological Level in Ripple
The popular altcoin XRP has reached the psychologically significant level of $0.6 for the first time since the market crash in mid-August. The payment-focused cryptocurrency has experienced a change in market structure with a 25% increase in the past 12 days.
Although the rise is still far from its all-time high (ATH), hopes have been raised that the high levels seen shortly after a partial legal victory against the U.S. Securities and Exchange Commission (SEC) will be regained.
Ripple’s movement towards $0.6 has also seen an increase in XRP whales’ participation. According to on-chain analysis firm Santiment, whale transactions exceeding $1 million reached the highest level in three months on the last day of October. Experts believe that this rise is due to strong buying pressure. The number of wallets holding at least 10,000 tokens reached an all-time high of 277,620. Whale accumulation in XRP is a strong indicator of long-term bullish trend. Their actions are carefully analyzed by less experienced individual investors as they hold a significant portion of the circulating supply of the cryptocurrency.
Hopeful Waiting in XRP
Off-chain data seemed to confirm this expectation. As XRP prices rose, the rate of new participants entering the network also increased sharply. The Ripple ecosystem was optimistic about short-term expectations. Hopes for a smooth progress in this process, including recent legal victories such as the exoneration of CEO Brad Garlinghouse, were stronger than ever.
Ripple and its supported Blockchain XRP Ledger’s (XRPL) significant achievements were highlighted in the third quarter market report. The trading volume on decentralized exchanges (DEX) increased by more than three times compared to the previous quarter (QoQ).
The token stated that the daily trading volume consistently remained above $1 million during the July-August period, reaching $20 million to $30 million on certain days in August. Additionally, the number of new wallets increased by approximately 12% to 157,936. However, there was a decrease of over 8% in the overall transaction count compared to the second quarter.
