In a phenomenon that shocked the crypto market, Ripple (XRP) registered a price gain of more than 20% on Monday, marking a dramatic shift in market trends. This rise ends a period of decline in XRP's value against Bitcoin (BTC) and shows the potential expansion of the broader crypto rally.
According to the latest data from CoinDesk, XRP experienced a sharp surge to reach $0.74 (approximately Rp11,500) in just a short time in the afternoon UTC, reaching its highest value since a brief peak last November. The surge was triggered by speculation regarding the potential of an XRP ETF managed by BlackRock. This significant increase makes XRP the best-performing asset in the CoinDesk 20 Index (CD20), which is up 5% overall.
XRP Misses Bullish Trend
Based on data from Bittime, XRP is trading at a price of Rp10,830 at the time of writing. XRP's price slumped 1.16% in the last 24 hours after surging 18% on March 12.
Source: Bittime
Meanwhile, Bitcoin has set new record highs (ATH), and other segments of the crypto market, such as meme coins and artificial intelligence (AI) tokens, have also seen significant gains. However, XRP, until this latest price movement, has not been involved in such an uptrend.
Data from TradingView shows that XRP's value against Bitcoin has declined to its lowest point in three years. Despite the price surge, XRP is only up 17% over the year, still well below Bitcoin's 64% rise and CoinDesk 20's 54% gain.
This XRP price surge may be an indicator that traders are starting to take notice and shift some of their capital to tokens that have not experienced significant movements, along with the expansion of the rally in the digital asset market.
A number of other legacy cryptocurrencies such as Litecoin (LTC) and Dash (DASH), which have also lagged in recent months, have also seen their prices rise in the past 24 hours, with gains of 18% and 9%, respectively. Other cryptocurrencies such as Avalanche (AVAX), Polkadot (DOT), and Cardano (ADA) also saw gains of between 8-13% during the same period.
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Large XRP Transfers from Binance
While there was no obvious trigger before XRP's price movement, the large transfer of tokens from crypto exchange Binance has generated speculation among market watchers. Whale Alert, a blockchain data tracker, recorded the transfer of 300 million XRP – which at the time was worth around $187 million (around Rp2.6 trillion) – out of Binance addresses to unknown wallet addresses.
This transfer was followed by a series of similar outbound transactions, with a value of 18-19 million XRP each, from Binance towards various addresses. These transactions may indicate that "whales" – large crypto investors – were accumulating XRP before the price surge, or it could be part of internal wallet maintenance by the exchange.
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How to Buy Ripple (XRP) on Bittime
You can buy and sell Ripple (XRP) in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
Ripple (XRP) is available on Bittime with the XRP/USD market pair. To be able to buy XRP IDR on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the complete guide on how to buy Ripple (XRP) on Bittime.
Monitor the price chart movements of Ripple (XRP), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
XRP Breakout: Latest XRP (XRP) Price Analysis and Prediction
XRP Whale Moves Tens of Millions of XRP as Price Approaches $0.6
Bitcoin vs XRP, Which One is Superior?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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