XRP Reclaims 6th Place in Crypto Market Rankings Amid New Flows

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XRP rose in the crypto market rankings as it received new inflows into its market capitalization. XRP, which until then held the position of the seventh largest cryptocurrency, experienced this narrative shift as its market valuation rose.

Santiment observed that over the past few weeks, XRP whale addresses holding 100,000 to 10 million XRP have started to rapidly increase their holdings.

According to Santiment, an on-chain analytics firm, the supply of these whale addresses grew from 16.7% to 18.3% in just five weeks.

With a market valuation of $19.67 billion, XRP now ranks sixth among cryptocurrencies. Binance’s stablecoin BUSD is now the seventh most valuable, with a market capitalization of $18.8 billion. At press time, XRP was changing hands at $0.391, up 2% in the last 24 hours.

Sentiment is steadily improving, with digital asset investment products seeing minor inflows totaling $8.8 million in the past week, according to Coinshares.

XRP Price Action

XRP made a quick rebound from lows of $0.37 on December 12. The rise progressed, with XRP breaking above the MA 200 barrier of $0.388 on December 13. The bulls maintained this move until the short-term resistance was reached around $0.40.

To go further, the bulls need to break through the $0.40 barrier to then target the $0.50 level. XRP also needs to hold above the MA 200 at $0.388 for bulls to maintain momentum.

In the near term, a base is gradually building at $0.37 as the bears have failed to get below here on three consecutive occasions. Meanwhile, the overall picture remains one of consolidation, with the daily RSI remaining close to the neutral 50 level.

The bulls could gain momentum for a year-end price run, however, targeting the $0.50 level.

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