XRP tops dogecoin all-time returns after its second-biggest pump ever

XRP just pumped harder than it has ever pumped before — bar one day six years ago

article-image

WhiteBarbie/Shutterstock modified by Blockworks

share

XRP lit up after a US district court threw Ripple Labs a bone by ruling sales of the token on crypto exchanges were not securities.

Markets pumped XRP up to 96% on the news, jumping from $0.47387 to $0.927 in under three hours. It has since retraced around 25% from local highs.

Still, Thursday’s pump was XRP’s second-biggest intraday rally in its 10-year history. It clocked in second only to a 216% surge in April 2017 and ahead of a 92% jump in December of that year at the height of that bull market. 

XRP’s all-time rally record coincided with word spreading that Japan’s largest bank, MUFG, had joined an interbank working group meant to propel adoption of Ripple payment rails.

  • XRP was worth a cumulative $500 million then (bitcoin was $16.6 billion).
  • Crypto’s overall capitalization sat below $30 billion. 
  • Total market is now $1.25 trillion, after more than 4,000% growth in six years.
A big purple column means a big price rally

XRP is still down 75% since its all-time high. But markets are far larger with deeper liquidity today than they were back in 2017, which makes significant one-day rallies much more elusive.

Exactly how special was the XRP pump?

Blockworks analyzed daily data for XRP, bitcoin (BTC), ether (ETH), binance coin (BNB) and dogecoin (DOGE) to see how Ripple’s recent pump really stacked up.

Turns out, yesterday’s XRP pump came in the 15th spot. Dogecoin holds the top two spots: a 358% surge in December 2013 and a 344% showing in January 2021, when billionaires Elon Musk and Mark Cuban regularly tweeted about DOGE.

Dogecoin represents almost half of the top 20 intraday pumps to bitcoin’s seven. BTC exploded 241% in July 2010 — slightly ahead of XRP’s number-one rally. BNB only features once.

That’s still more than ether. ETH’s biggest intraday pump on record was only 49%, in August 2015, when it swam from $1.26 to $1.88. 

Ether’s all-time rally finds itself in 39th place overall.

Almost the whole board is bitcoin and dogecoin

Of course, these figures suffer from a certain amount of time bias. Crypto markets are always online, unlike the stock market which has defined trading hours. 

Defined hours render intraday analysis more relevant. For this analysis, midnight UTC signaled the end and beginning of trading periods. 

There also may be larger pumps on certain exchanges not reflected in these results.

Same-day pumps are fun, but what really matters is returns over the long haul. Bitcoin has trumped them all with up to 80 million percent gains since 2009.

XRP and dogecoin, as it turns out, have returned practically the same across their entire history — with XRP eclipsing DOGE with more than 12,600% returns after this week’s rally.

Switch to log view to see XRP eclipsing dogecoin’s all-time returns

Updated Jul. 15, 2023 at 3:06 am ET: Year of ETH’s biggest pump.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

logo.jpeg

Research

Akash is a general-purpose compute platform with GPUs, storage, LLM training or inference, and validator hosting through its two-sided marketplace.

article-image

The SEC could allow half a dozen or more such funds to launch at once, Ark Invest CEO says

article-image

2023 saw a decline in a16z crypto funding, but the behemoth VC firm teased what it’s excited for next year

article-image

“Iran Unchained” launched a new version of its grant platform to make donations to activists easier

article-image

The stablecoin marks the first time a regulated European bank has made a euro-pegged stablecoin available on a crypto exchange

article-image

Build it and they will come, perhaps, but making crypto easier to use is turning out to be just as important

article-image

Amid moves by Itau Unibanco and Nubank, the country could serve as “a proof of concept” for TradFi-crypto integrations, industry research exec says