Nov 7, 2023

XRP has risen about 14% in the past week, as bitcoin and ether hold steady.

Video transcript

The chart of the day is presented by crypto dot com. The leading crypto platform trusted by over 80 million users worldwide. All right, let's take a look at the chart of the day. XRP has risen roughly 14% in the past week. As Bitcoin and Ether hold steady coin gecko. Data shows prices rose over 11% before slightly retreating on Monday with trading volumes spiking to $2 billion from Sunday's 1 billion at one point XRP replaced B and B as the fourth largest token by market cap before sliding back to fifth place. Data suggests the gains were largely spot driven as liquidations on XRP tracked futures breached just over $4.4 million. A large liquidation amount may have suggested that the use of high leverage may have boosted prices. Meanwhile, bulls may also have reacted to two positive developments for payments. Firm ripple from last week as it won key approvals to operate and offer services in Georgia. And Dubai ripple has historically maintained a distance from XRP. The token that powers some of its products and the XRP ledger network. But any progress in ripple's court cases or licenses clearly impacts XRP prices as traders consider the two related. That's it for today's chart of the day. I'm Jen Sani. We'll see you next time to unpack more of the data behind top news stories.

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