XRP Still Down 69% After Recent Gains

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As a seasoned researcher with a keen interest in the cryptocurrency market, I find myself both intrigued and skeptical by the recent surge of XRP. Having closely followed its tumultuous journey since its inception, I can’t help but feel a sense of deja vu as it reaches new 2024 highs. The intensity of this rally is reminiscent of the market mania we saw back in 2017, albeit on a smaller scale.

Over the weekend, the digital currency XRP, associated with Ripple, continued its remarkable surge, reaching a fresh high for 2024 at $1.26 on the Bitstamp platform.

This is the highest level that the cryptocurrency has hit since November 2021. 

Indeed, the intensity of the rally caused a pause in Binance‘s withdrawal services, as it is the world’s top cryptocurrency exchange in terms of trading volume.

During the month of November, the contentious digital asset has significantly increased by over 110%, leaving behind many other significant altcoins in terms of performance.

According to U.Today, the crypto market’s surge happened earlier in the week due to whispers about the possible resignation of SEC Chairman Gary Gensler and hopes for less restrictive cryptocurrency rules ahead.

XRP is still down 69%

Although XRP has experienced notable temporary increases, it’s currently about 69% below its all-time high that was set nearly seven years back.

Based on statistics from CoinGecko, it’s worth noting that XRP is among the digital tokens experiencing poor performance relative to others. As a point of comparison, Bitcoin and Ethereum have declined by 3% and 36% respectively from their highest-ever values. Even Dogecoin, the most valuable meme coin, has fallen by 51%.

Despite XRP’s performance, several other notable altcoins such as Cardano (ADA), Shiba Inu (SHIB), and Avalanche (AVAX) have struggled to keep pace. For example, Cardano is currently 76% below its September 2021 high, while Shiba Inu and Avalanche are also experiencing significant losses, having dropped over 70% from their peak values.

A Ripple co-founder is transferring XRP 

As a researcher, I’ve noticed that Arthur Britto, one of Ripple’s co-founders, has been actively moving XRP tokens during this impressive market surge. In fact, he recently transferred an amount of 80 million XRP, with 10 million of those tokens ending up on the Binance exchange.

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2024-11-17 11:14