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divineapps
- December 6, 2024
The most popular video platform garnered billions of views under the #XRP hashtag in November and December, with some influencers suggesting the price of the token could reach $10,000, as retail investors navigated FOMO (fear of missing out) and FUD (fear, uncertainty and doubt) triggers.
This week, Ripple’s XRP briefly claimed the spot as the world’s third-largest cryptocurrency, trailing only bitcoin and ethereum, after a 400% price rally over the past month. The resignation of SEC Chair Gary Gensler sparked expectations that Ripple’s legal battle with the SEC could soon end in the company’s favor.
Driven by the positive sentiment, in recent weeks, XRP whale holders (addresses holding over 1 million XRP) have accumulated more than $1.12 billion worth of XRP, according to on-chain indicators.
Whales Lead The Charge, But Retail Investors Become More Prominent
However, it’s not just the whales driving XRP’s value. Crypto has become Gen Z’s most common investment, according to a survey from Policygenius earlier this year. Their Financial Planning Survey, which polled around 4,000 Americans, revealed crypto as the most preferred asset for the first time ever. On top of that, while bearish sentiment for XRP lingered through the 2021 bull run, the coin remained one of Gen Z’s top picks, surpassing bitcoin and ethereum as the top choice in some locations, such as South Korea.
“It is hard to believe that these whales are Tiktokers. However, the hype created by the trends on TikTok helps to bring additional retail liquidity to the market. It’s certainly helping to drive excitement and mindshare for XRP,” says Nic Puckrin from Coin Bureau.
