Hike in XRP’s marketcap dominance has holders, whales feeling like…

ambcrypto.com:

XRP seems to have entered the bullish zone after its breakout from the $0.337-level on the chart. At the time of writing, XRP was trading above the $0.355-level on the back of a 0.5% hike in 24 hours.

Needless to say, this lends credence to one important question – Can XRP sustain its gains?

Consistently one of the market’s largest cryptos by market capitalization, the last two years haven’t been great for XRP. While the altcoin did see a few highs, the same have fallen lower and lower on the back of the SEC’s lawsuit against Ripple Labs and its execs. In fact, since the same, the crypto has failed to break past the $1-barrier.

Nonetheless, the altcoin continues to record some important insight(s) to support XRP holders.

First of all, XRP’s marketcap dominance registered a significant increase in just over a month recently. According to Messari’s Insights, XRP’s dominance rose from 1.2% in August 2022 to ~1.7% at press time.

Source: Messari

In doing so, XRP’s market cap – with figures of $17.7B – surpassed Cardano (ADA) to reclaim the 7th position on the rankings.

Meanwhile, holders and even dominant buyers a.k.a whales sensed the changing scenario. Accordingly, whales transferred millions of XRP tokens over the last 24 hours. The latest such transfer was underlined by Whale Alert in a recent tweet –