XRP is the Best-Performing Crypto among the Top 10 Today, Why?

Paigambar Mohan Raj
Source: FX Empire

The crypto market is making minor movements today, but XRP has emerged as the best-performing asset in the last 24 hours. However, there does not seem to be any XRP-centric development or news pushing the valuation.

The crypto markets are still shrouded by uncertainty and doubt. The failures of 2022 continue to haunt the sector. Moreover, fears of extreme regulatory oversight still loom fresh. XRP’s current performance may be driven by anticipation of a Ripple victory in the SEC vs. Ripple lawsuit. However, it’s probable that the ongoing Ripple case won’t be resolved until Q2 2023.

Additionally, Ripple will be aggressively developing other goods and services in 2023. Members of the community have emphasized on utility and innovations. The firm has more to offer than it did in its early years. Moreover, RippleNet and ODL (on-demand liquidity) activity has also risen.

XRP whales making moves

Santiment community member “sanr_king” pointed out that XRP whales are on an accumulating spree. The group of investors who own between 1 million and 10 million XRP has boosted their holdings by 25% over the last six months. The total holdings have grown to 4.09 billion tokens. This degree of accumulation is frequently observed at market bottoms. Hence, these whales often have a substantial impact on the price of XRP.

The XRP’s sentiment has been negative over the last two months, based on the Weighted Sentiment indicator. However, the token’s price has not dropped. This may indicate that sellers are “exhausted.” Fewer sellers are willing to sell at the current value. In these circumstances, the cost of an asset may occasionally defy retail traders’ expectations and rise even during a bearish market.

At press time, XRP was trading at $0.346403, down by 0.9% in the last hour.