XRP, cryptocurrency focused on payments rises faster than Bitcoin and ether after investors searched for bargains following the crash earlier this month.
The price of XRP has risen 38% to $1.55 since hitting a low of $1.12 on February 6, according to CoinDesk data. Prices jumped more than 5% in the last 24 hours alone.
This performance places it well ahead of Bitcoin and Ether, which have recovered around 15% since February 6. As of this writing, Bitcoin and Ether have changed hands at $69,420 and $2,020, respectively.
XRP’s Bitcoin rally follows signs of dip buying on Binance following the February 6 crash. CryptoQuant data indicates that Binance’s XRP reserves fell sharply from 192.37 million XRP to 2.553 billion between February 7 and 9. The 7% drop marked the lowest level since January 2024, and holdings have remained stable since then.
Analysts generally associate a decline in foreign exchange balances with investor accumulation. The logic is that investors prefer to hold coins directly rather than holding them on exchanges when they intend to hold them for the long term.
Sudden and sharp withdrawals can reduce available supply, opening the door to higher prices. Historical trends reinforce this view. XRP rose sharply from $0.60 to over $2.40 in the last two months of 2024 as the balance held on exchanges declined faster.
