HomeRippleHere's What On-Chain Data Reveals About XRP Rally

Here’s What On-Chain Data Reveals About XRP Rally


XRP has observed a massive 67% rally during the past 24 hours. Here are some facts on-chain data reveals about this price surge.

Several Indicators Have Surged Following The XRP Rally

In its latest insight post, the on-chain analytics firm Santiment has looked into the underlying metrics related to XRP as the cryptocurrency has seen an extremely sharp surge during the last day.

This rapid growth in the asset’s value has come following Ripple’s victory in court as XRP has been declared “not a security.” Immediately after the announcement, the coin had managed to rise by around 90%, but in the hours since then, the asset has taken some hit.

Nonetheless, the cryptocurrency has still managed to hold onto the majority of its gains so far, as it’s still up 67%. This rise has now made the asset the fourth largest in the space in terms of market cap, as it has leapfrogged past BNB.

Following the rally, the “social dominance” of XRP saw a sharp surge toward the 7.4% mark, as the below chart displays.

XRP Social Dominance  Here’s What On-Chain Data Reveals About XRP Rally d0aa0a9e15da2f515f1559d2c49ae147d0bad25ebd6b11d15975713cdc9c76c4 1689276581762 Screenshot 202023 07 13 20122938

Looks like the metric's value has spiked | Source: Santiment

Social dominance measures how the discussions on social media related to any given coin (which, in this case, is XRP) compare against the combined amount of talk the top 100 assets by market cap are receiving currently.

At the current value of the metric, 7.4% of all discussions related to these top 100 coins are coming from XRP alone. Such a high amount of interest among social media users is generally a sign of euphoria, which usually leads to a correction in the price. This may explain why the asset has taken a hit since the initial jump.

In terms of whale activity, the network has naturally been active during this surge, as these humongous investors have made a large number of transactions, as shown below.

XRP Whale Transaction Count  Here’s What On-Chain Data Reveals About XRP Rally aebcbae724e716848ba883714a75f92f229bf5b22be5952baa7cf76ff22269c7 1689276590190 Screenshot 202023 07 13 20122643

The value of the metric seems to have been quite high recently | Source: Santiment

The number of whale transfers has crossed the 637 mark during the past day, which is the highest level observed in 2023. “Clearly the pump is being fueled by these large transactions,” notes Santiment.

The trading volume (the total amount of XRP being transacted on the chain) has also registered a steep increase, which isn’t too surprising considering the high amount of whale activity that has occurred during the past day.

Here’s What On-Chain Data Reveals About XRP Rally f36a41b34fa32b2abd12c7d40699820f8975110edb37ddcfb327adf0cb60f629 1689271169337 Screenshot 202023 07 13 20105552

The volume has seen a spike | Source: Santiment

The current levels of the trading volume are the highest that they have been in around 10 months, further showcasing the extraordinary activity that the blockchain is observing right now.

The analytics firm has also pointed out how the sharks and whales of the cryptocurrency had been accumulating during the couple of months that have led to this rally.

Sharks & Whales  Here’s What On-Chain Data Reveals About XRP Rally ff36582f8215cc31ca938c2e0a8f002656de06dbc0ab40464853caabfde6ae07 1689276597582 Screenshot 202023 07 13 20122826

The sharks and whales have been constantly buying | Source: Santiment

“This group of wallets is essentially the one best to watch to understand how ‘smart money’ is behaving,” explains Santiment. “And they had been showing confidence in the asset for over two months now, even prior to today’s court ruling.”

XRP Price

At the time of writing, XRP is trading around $0.78, up 69% in the last week.

Price Chart  Here’s What On-Chain Data Reveals About XRP Rally

XRP's extraordinary rise during the past day | Source: XRPUSD on TradingView

Featured image from Kanchanara on, charts from,

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