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SOL price rallied to a year-to-date high above $30, but Solana’s struggle with increasing its user stats call the current bullish momentum into question.

Claims can be converted into collateral to trade crypto futures on the exchange.

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. 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. Related Reading: Bitcoin MVRV At Critical Level: Will A Break Happen? 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. 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. 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. Related Reading: Bitcoin Price Attempts To Follow XRP But This Resistance Is The Key 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. 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. XRP’s extraordinary rise during the past day | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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XRP, the token behind the Ripple payment network, has been on an absolute monster rally in the last day. The token has seen a 65% price surge that propelled it into the number 4 spot in the crypto rankings, pushing BNB down to 5th place, even though BNB on the other hand, is also up by 9% in the past week. XRP Overtakes BNB XRP recently overtook BNB after reaching a yearly high of $0.81, giving the cryptocurrency a market cap of $41 billion. The huge price spike can be attributed to investors jumping on the bandwagon with fear of missing out on XRP after the big news regarding its victory over the United States Securities and Exchange Commission (SEC).  Related Reading: Ripple Eyes Tokenized Assets Sector As It Expects Market Cap To Reach $30 Trillion The court determined on June 13 that the sale of XRP to regular investors does not constitute the sale of an unregistered security. As such, United States District Judge Analisa Torres ruled in partial favor of Ripple, saying that XRP sales on public cryptocurrency exchanges were not offers of securities under the law.  However, the judge remarked that Ripple’s direct sale of XRP to institutional investors in the amount of approximately $700 million violated federal legislation regarding the sale of securities. This catapulted XRP’s price from $0.478 to $0.7885 in just under a day. With its current market cap, this means XRP is now the third-largest native cryptocurrency behind Bitcoin and Ethereum when the USDT stablecoin is removed.  XRP price still holding gains | Source: XRPUSD on Tradingview.com 24-Hour Trading Volume Spikes 1700%+ According to data from Coinmarketcap, XRP’s 24-hour trading volume has spiked a whopping 1,758.13% to over $13.49 billion. Trading volumes have surged on various exchanges, where Upbit, the South Korean-based crypto exchange, had over $2.7 billion in 24-hour trading volume. Binance also saw over $2.3 billion in trading volume as investors scurried to buy XRP.  Coinglass data shows more than $35 million short position trades on XRP have been liquidated in the past 24 hours. Most of these are from Bybit, OKX, and Binance, with $21 million, $14 million, and $14 million in short position liquidations, respectively. Of course, fast price rises often end in pullbacks as XRP remains a volatile digital asset. But its recent breakout shows it’s still an altcoin to watch, with the potential for even bigger gains if more investors continue to FOMO. However, XRP’s potential for long-term growth continues to be supported by Ripple Labs’ real-world value as a payments network. Related Reading: Fund Manager Vanguard Increases Stake In Bitcoin Mining Stocks To $600 Million At the time of writing, XRP is still trading at $0.797, which translates to 68% gains in the last day. It is currently the top gainer in the market with 70.66% and 56.79% gains in the last seven and 30 days, respectively. Featured image from iStock, chart from Tradingview.com

Bitcoin on-chain spending is heating up and, so far, is “rhyming” with past BTC price cycles.