Bullish sentiment and an uptick in address activity have pushed the price of XRP to its highest level in 2022. On Tuesday, XRP’s price breached the level of $0.91 for the first time since 28 December 2021.
Within the last 24 hours, the digital asset has spiked by almost 15%. In terms of weekly gains, the value of XRP increased more than Bitcoin, Ethereum, BNB and Cardano. With gains of over 40% in the past week, XRP has remained the best-performing cryptocurrency among the top 10.
"XRP is +37% the past 4 days, and finally is reacting to its daily active address uptick that started in mid-January. XRPNetwork's coin currently sits a tick above $0.82 and is outputting the same addresses as it did in early November at $1.18,” Santiment highlighted in its report.
A sharp rise in social media discussions regarding XRP has fueled the retail interest in the crypto asset. After suffering a price plunge of almost 50% between June 2021 and January 2022, XRP has shown strong resistance against crypto bears in the past 2 weeks.
XRP Markets Report
During the last week of January 2022, Ripple published its quarterly XRP Markets Report and outlined a significant jump in the adoption of XRPL and RippleNet. Total ODL-related sales also climbed in the latest quarter.
“2021 was RippleNet’s most successful and lucrative year to date as global momentum skyrocketed with customer demand despite the headwinds from the SEC. The number of transactions on RippleNet more than doubled, with a payment volume run rate of over $10B. This is a testament to the product considering Ripple parted ways with Moneygram, its largest customer, immediately after the SEC filed its lawsuit against Ripple,” the company noted.
Just in the last 7 days, XRP has added $12 billion to its market cap.
