- XRP is currently on a bullish trend over the past 24 hours.
- XRP Ledger will support smart contracts soon.
- Whales accumulation sets a new ATH.
The value of Ripple’s cross-border settlement cryptocurrency, XRP, has been on an absolute roller coaster since the start of the Securities and Exchange Commission (SEC) vs. Ripple litigation in December 2020. Additionally, this year’s turmoil in the cryptocurrency market has finally improved the chances for the XRP token in 2023.
The bulls have been in the lead today, according to ripple price analysis, which indicates that the price is again covering upward movement. The price rose quickly the previous day, which was quite good for the bulls. Today’s tendencies have continued as the price has increased to $0.3523.
XRP Whale Accumulation Reaches A New ATH
Crypto whales and sharks are aggressively accumulating XRP tokens in December 2022, according to information provided via a tweet from Santiment. The whale addresses with 1 million to 10 million XRP were recognized as having reached an all-time high (ATH).
On November 1, 2022, there were just 1440 such whale addresses, according to data. While these addresses have grown to a total of 1,617. On the same day again, it was noted that these whales possessed 6.33% of the available XRP. However, data indicates that the amount of supplies kept has now hit 7.23%, a new all-time high.
Will the Price of Xrp Increase to $1 by 2023 as Ripple Looks at Smart Contracts?
The price of XRP increased by 1.1% over the past day. This may be due to suggestions made by a former Ripple official that smart contracts will soon be included in the XRP Ledger.
According to former Ripple director Matt Hamilton, the XRP Ledger will soon support smart contracts. While smart contracts are currently under development, the blockchain already supports features like fungible tokens, non-fungible tokens, escrow, and decentralized exchanges.
Thanks to its smart contracts, the XRP Ledger’s blockchain will directly compete with similar platforms like Ethereum, Cardano, and Solana. Because of its enormous transaction throughput, the usefulness of XRP would increase tremendously.
With more utility, XRP’s demand is also likely to rise, leading to a rally and allowing it to retake third place in the market behind Bitcoin and Ethereum. XRP price would be seen hitting the $1 mark by the end of 2023.
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