XRP, at the time of writing, was the second-best performing coin in the market, with the crypto rising by over 33% in the past 24 hours to touch a price level of $0.3145.
In fact, the aforementioned surge in XRP’s price brought down the cryptocurrency’s monthly losses to 53% from over 75%, a development that came at an opportune time since the crypto was struggling since news of the SEC lawsuit against Ripple broke last month.
The larger crypto-market has mostly reaped the benefits of Bitcoin’s bullish rally over the past few months. However, until recently, XRP was one of the only crypto-assets that seemed to be missing out on it.
Unsurprisingly, XRP holders were excited by the price surge, with crypto-analytics platform Swarm revealing that it received over 11,473 mentions in the last 24 hours. Interestingly, some XRP holders even stipulated that the crypto-asset would record 500% gains in the near future.
#XRP will melt faces the next days! 500% gains incoming!
— Crypto Bull? (@CryptoBull2020) January 7, 2021
What is also interesting is that despite the fact that many crypto-exchanges delisted XRP following Ripple’s legal troubles, the 24-hour volume for the crypto-asset rose by 97% to $10.3 billion.
The price rise in question may have something to do with what many traders refer to as “the start of an institutionally fueled alt season,” with the likes of LINK, MKR, and NEO also recording double-digit percentage gains, along with XRP.
While that was a bullish development, data from crypto-trading analytics platform ViewBase suggested that Binance Whales are Net short on XRP as the Binance Top Traders Position was XRPUSDT Perpetual.
Whether or not XRP’s gains over the past 48 hours will be short-lived remains to be seen. However, since many remaining XRP bag holders aim to minimize losses over taking profits, they are likely to sell once the price hits a certain level.