XRP led the monthly charts in terms of earnings on the top 20 cryptocurrencies for November with 169%. In the same month, only XLM came close to these games at 137%.
This growth was ushered in by Bitcoin dominating headlines in November as it rallied towards its new all-time high. At the same time, XRP, one of the most well-known alternative cryptocurrencies, jumped by even larger margins during the month and took the top spot in the performance rankings among CoinDesk 20’s digital assets.
This left XRP, the token used in Ripple’s global payment network for transactions, is up by 225% in 2020. This is in contrast with the older and larger Bitcoin, which gained 165% in value. XRP currently has a $21.4 billion market capitalization, a small fraction compared to Bitcoin’s roughly $350 billion.
This frenzy for acquiring XRP may have been driven by a looming airdrop of free “spark” tokens to anyone who holds this crypto coin, as said by some digital-market analysts last month.
It is also possible that for some first-time cryptocurrency investors see that the XRP, currently exchanging hands at the 62.3 cents range, looks cheaper and more affordable compared to Bitcoins valued at %19,087. These novice investors may be unaware that they may buy a fraction of Bitcoin – divisible up to the eighth decimal, rather than paying for the whole crypto token.
Stellar (XLM), another payment token founded by Jed McCaleb, Ripple co-founder, placed second on the monthly charts in terms of earnings on the top 20 cryptocurrencies for November with 153%. XLM has gained 313% since the year started.
However, immediately after the month ended, transaction monitors have been recording an increase in activities of XRP whales, making other investors wary.
According to Whale Alert (@whale_alert) on Twitter, about $352 million in XRP was moved in the last day. The largest two transactions moved about $120 million between two unknown wallets. Whale Alert also recorded a $75 million XRP transaction from the Ripple Genesis wallet to another unknown wallet.
The most significant increase in the activities of the XRP whales has been towards the cryptocurrency exchanges. Whale Alert reported that over $144 million had been moved to Binance, Bybit, Coinbase, and other digital platforms within the last week. This may be a sign that bigger XRP investors are preparing to sell off their XRPs soon.
Ripple has also moved funds to their escrow. It has moved around 1 billion XRP in two transactions of half a billion XRP. Overall, the company has, so far, made transactions worth almost $654 million. This move is done by the company each month as part of its financial system.