XRP has been a trending topic of discussion over the last few hours. The token was trading at $0.4139 for him at the time of writing after posting an 8.34% gain in just 24 hours.
Data from platforms that provide social and market insights Luna Crash It has been revealed that XRP has recorded 8,883 social volumes in the past day. Meanwhile, the number of social engagements was 24,722,309. As a result, XRP took him to number one on his AltRank chart on LunarCrush.
Recently, it seems that whales have started scooping up this token. Whale Alert has identified a large-scale transfer from an exchange to an unidentified wallet, presumably a whale purchase transaction. A few hours ago, $10.57 million worth of his XRP was sent from Bitstamp to an unknown wallet.
In fact, tokens have been leaving exchanges in large numbers since the beginning of this week. Approximately 38,600,000 tokens worth $14.4 million left Bitso on November 23rd.On top of that, there was an additional spill from bit stamp When Bittrex that too.
So, if the dots are connected, the above purchases could set XRP poised to start an uptrend.
In terms of on-chain activity, XRP has already advanced to the fourth position. As you can see below, in the past day he has made more than $669 million in blockchain payments. At the same time, the number of active addresses exceeded 50k.
Other blockchain networks such as Dogecoin, Litecoin and Tron ranked lower than its XRP.
Dealing with ongoing FUD
Earlier this month, JP Morgan Chase & Co executed its first live trade on a public blockchain. Notably, the banking giant used Polygon and turned Aave into his DeFi trading. Renowned cryptocurrency analyst Lark Davis took to Twitter to ask the question, “What is the value proposition of XRP in such a scenario?”
On the same note, John Deaton originally outlined the dominance of XRP in this space over the years, tweeting:
Deaton then asked if influencers knew the difference between Ripple and XRP. To further elucidate the same, he tweeted:
Regarding common misconceptions, Deaton further states:
“It’s pretty amazing to me that XRP is still one of the most misunderstood cryptocurrencies after a decade of nearing the top.“
Despite FUD, blockchain projects continue to be widely adopted. A recent tweet from Ripple revealed the onboarding of new partners looking to issue stablecoins on the XRP Ledger.