XRP’s network has recently garnered much attention among the community, and on-chain metrics show that large-value transactions are on the rise. As reported by Ali Martinez, an on-chain analyst, the number of transactions on the network has risen to above $1 million in the last few days.
According to Martinez, within one day, Santiment registered 341 transactions of more than $1 million. These high volume value transfers are believed to be made by XRP whales, individuals or entities with large number of XRP holdings. Their entry demonstrates a pick up in market participation and confidence.
XRP price new high
XRP has also shown significant growth as it hit $3, the first time since its previous high of $3.84 in January 2018. At the time of writing, the token is trading at $2.94. XRP went up by 14.45% in the last 24 hours.
Peter Brandt, a veteran trader, recently pointed out that the half-mast flag seen on the weekly chart of XRP should be completed within the next six weeks. A half-mast flag is a neutral pattern that has the potential to go either up or down. The consolidation phase usually indicates the probability of the continuation of the trend.
According to Brandt, if the pattern completes bullishly, XRP’s market capitalization might attain $500 billion, a 262% increase and a potential price of $6.40. But Brandt pointed out that the pattern needs to “rock and roll soon,” otherwise it can switch to something else.
This broader bullish trend has also been seen in the meme coins on the XRP Ledger (XRPL) as well. Among the most popular tokens, ARMY, LIHUA, and DROP have increased the value significantly.
ARMY rose by 26.52% to close at $0.1792, while LIHUA rose by 24.89% to $0.051588. At the time of reporting, DROP was also 26.10% up and was trading at $16.66. Most of these tokens are currently being traded on the Bitrue exchange. In the last week alone, DROP has surged by a massive 95.41%.
Factors driving XRP’s recent surge
The price surge is happening against the backdrop of increasing rumors of the possible approval of an XRP-based ETF. Also, the anticipation for new developments by the U.S. Securities and Exchange Commission (SEC) in its lawsuit against Ripple.
The new SEC leadership, under Paul Atkins, a Trump nominee, may decide to reverse some actions, such as litigation against companies such as Ripple and Coinbase.
