The price of the native token of the XRP Ledger, XRP, has recently surged by more than 6% in a single 24-hour period after the number of whale wallets started surging to near a new all-time high.
According to data shared by cryptocurrency analytics firm Santiment, the number of wallets holding at least 1 million XRP tokens (worth around $545,000 at the time of writing) has risen to 2,013 over the last six weeks, rising 3.1% to be just one wallet shy of a new all-time high.
Over the past week the price of XRP has surged nearly 10% to now trade at $0.545 per token, despite being down around 11.2% year-to-date. The cryptocurrency has significantly underperformed year-to-date, with Bitcoin being up 56.8% over that period, and Ethereum moving up 39.6%.
As CryptoGlobe reported, a popular cryptocurrency analyst has recently stood by their bullish price prediction for XRP, predicting the cryptocurrency’s price will explode to over $200 per token, an over 30,000% rise from its current level.
Per his words, XRP has seen a “full logarithmic follow through” which means XRP “may be more than poised for $200+.” He noted that XRP’s price surged over 100,000% during the 2017-2018 bull run, and suggested that a 33,000% run from its current level “can be more than possible and developing.”
As reported the XRP Ledger has been progressing over time, with the total amount of XRP locked onto the XRP Ledger’s recently launched automated market maker (AMM) platform recently surging from around 330,000 XRP tokens to over 715,000 XRP, worth over $400,000, at a time in which the AMM platform is set to get key bug fix.
The rise in locked XRP also comes shortly after Ripple, a a leading provider of enterprise blockchain and crypto solutions, announced its plans to launch a stablecoin pegged 1:1 to the US dollar (USD). The stablecoin would be fully bakced by a reserve of US dollar deposits, short-term US government treasuries, and other cash equivalentes.
As CryptoGlobe reported, the firm expects the stablecoin market to exceed $2.8 trillion by 2028, and its own stablecoin will be launched both on the XRP Ledger and on Ethereum.
Featured image via Pixabay.
