In a significant turn of events, XRP has surged above $0.53, marking its first substantial jump in over 10 days. This surprising ascent stands out amid a broader decline in most altcoins, suggesting unique momentum for XRP on the market.
On-chain analytics platform Santiment recently released a report detailing this surge, attributing the rise to rapid accumulation by “smart money” tiers, holding between 10,000 and 10 million XRP. According to Santiment, wallets within this range are now holding their highest amount since July 27, constituting 29.5% of the total supply.
Furthermore, XRP’s social dominance reached its second-highest level in over a month, indicating growing community interest in the cryptocurrency. This surge in activity aligns with the recent developments in the legal battle between Ripple and the SEC.
Notably, the SEC dismissed its lawsuit against Ripple CEO Brad Garlinghouse and cofounder Chris Larsen in the past 24 hours, providing a semblance of legal clarity for the cryptocurrency.
Triple hit
While the litigation between Ripple and the regulatory body may be far from over, XRP is already one of the few cryptocurrencies with what can be called an “established” legal status. This newfound clarity has bolstered XRP’s appeal, particularly among investors from traditional financial environments and institutions.
Ripple’s expanding business, coupled with the active utilization of XRP within its operations, further enhances the token’s attractiveness.
The rapid accumulation of XRP by significant players on the market no longer appears surprising, given these developments. With a clear regulatory status, growing institutional interest, and a thriving ecosystem, XRP continues to position itself as a cryptocurrency with promising prospects in the ever-evolving digital asset landscape.
