XRP has seen a massive increase in volume in the last 24 hours, with the volume going over 100% and social dominance seeing a spike.
whale recently transferred a substantial amount of the token onto a trading platform. Although initially appearing unusual, the movement aligned with the direction of the price trend, offering a possible explanation for the action.On the 5th of November, X account Whale Alert reported a significant transaction involving the transfer of 23.8 millionThe value of this asset transfer was over $15.6 million at the time of the announcement.
This sharp rise was also evident in the volume chart analysis from Santiment, which showed a volume of more than $2.5 billion.revealed a market capitalization increase of around 9% over the last 24 hours. Notably, among the top five cryptocurrencies by market capitalization,As of this writing, the data showed a remarkable growth of over 22%. Also, with a market capitalization of over $36 billion, it was closely trailing behind the fourth-highest-capitalized coin, BNB.
Also, it is worth highlighting that this sharp rise marked the highest price increase observed for this asset in the past three months.was trading at around $0.68, reflecting a value increase of over 2%. Notably, this marked the fourth consecutive day of an upward trend, pushing the token further into the overbought zone.
Additionally, aside from the trend lines, the Moving Average Convergence Divergence indicator displayed a bullish trend. As of this report, the MACD lines were trending above the zero line, indicating a positive market sentiment.revealed an increase in its social prominence. At the time of this analysis, Social Dominance had risen to above 3%.Furthermore, the holdings of this particular group of wallets represented the highest accumulation seen throughout the year.