XRP Resurges To $0.60 In November As Whale And Shark Transactions Gain Momentum

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Ripple Coin XRP - How Much is it Worth?CryptoWallet.com Images/flickr.com

XRP, the native cryptocurrency of the blockchain firm Ripple Labs, exploded Wednesday as it reclaimed the $0.60 price territory with sharks and whale transactions becoming more active.

The value of XRP started to surge 10% over the weekend leading to its price reaching the $0.60 price level for the first time since Aug. 16.

Market intelligence platform Santiment revealed that aside from seeing a massive gain of over 25% in just 12 days, Ripple Labs' native crypto asset also saw sharks and whales becoming more active and even recording a new all-time high of 277,600 wallets holding at least 10,000 XRP.

"XRP revisited a $0.60 market value for the first time since its tumble back on August 16th. Along this road back, we have seen whales get gradually more involved. Additionally, there are now an #alltimehigh 277.62K wallets holding at least 10K $XRP," Santiment said.

The impressive performance of XRP coincided with the increased activity of Whales or a person or entity that holds a large amount of crypto and their transactions can impact the market.

Blockchain tracker and analytics system monitoring whale activities Whale Alert reported several XRP movements over the past few days.

One of the transfers involved 50 million of XRP valued at around $27.6 million from the centralized crypto exchange platform Crypto.com to an unknown wallet address.

Another transfer saw 25.3 million XRP worth around $14.6 million from an unknown wallet to the centralized crypto exchange platform Bitstamp.

There was also a massive XRP transfer made just this Wednesday when nearly 413 million XRP worth approximately $248,922, 341 was moved from an unknown wallet to another.

These large transfers aligned with heightened whale activity over the past several weeks with movements of tens of millions of XRP tokens happening from various exchanges.

Based on these activities, it appears that high-net-worth investors are starting to take an interest in XRP and its potential.

XRP was trading in the green zone at $0.5965 as of 12:00 p.m. ET on Wednesday, with a 24-hour trading volume down by 30.03% at $1,564,788,928 – representing a 0.04% increase in the last 24 hours and a 7.4% gain over the past seven days.

Based on the latest data from COinMarketCap, XRP's total circulating supply stands at 53,560,508,378 XRP, with its value up by 0.08% at a $31,942,069,244 market cap.