The market capitalization of the Ripple-linked XRP cryptocurrency has surged back above the $100 billion mark, according to CoinGecko data.
This comes after the price of XRP surged by more than 8% over the past 24 hours. After tapping the resistance zone of $1.65, the bulls are seemingly preparing for another move.
Currently, XRP is one of the best-performing cryptocurrencies in the top (alongside tokens such as Arbitrum (ARB), Flare (FLR), and Zcash (ZEC)).
Despite its market cap reclaiming the symbolic $100 billion milestone, XRP is still down more than 55% from its record high that was achieved roughly a year ago. This means that the token could potentially have more room to run during the ongoing market rally.
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As reported by U.Today, legendary trader Peter Brandt recently predicted that the price of the token could surge to as high as $5.40 in the long run. There are also heightened volatility expectations when it comes to XRP, according to the most recent Coinbase data.
Growing XRP ETF demand
According to the CoinGlass data, U.S. spot XRP ETFs recorded $13.03 million in net inflows on Sept. 22, up from zero on Sept. 21.
Cumulative net inflows now stand at approximately $936.66 million.
Roughly $12.47 million of the aforementioned $13.03 million total came through a single fund, equivalent to about 95.7% of the day’s net buying.
Strong high-value activity
According to Santiment, a total of 1,917 transactions worth at least $100,000 were recorded on Tuesday alongside 3,647 newly created XRP wallets.
Large-holder activity surged while XRP was moving upward rather than collapsing.
Notably, this is the highest level of high-value activity recorded by the XRP Ledger over the past month.
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