XRP Rockets 30% as Whales Amass Record-Breaking 7B Tokens
XRP is demonstrating exceptional strength in a subdued crypto market, surging approximately 30% from $0.4942 to $0.6408 today, outperforming other leading cryptocurrencies over the past 24 hours. Santiment’s intelligence platform has reported a significant increase in XRP’s market valuation and provided valuable insight into on-chain activities preceding its price surge.
XRP Whales ATH Mark
Santiment’s data revealed that wallets holding 1 million to 10 million XRP on the XRP Ledger network have amassed a record portfolio, now owning 7.06 billion XRP worth $4.42 billion. These large holders have accumulated an additional 662.4 million XRP this month, marking a 10.4% increase and reaching unprecedented levels.
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XRP Social Platform Gains Dominance
Alongside on-chain accumulation, Santiment observed a surge in XRP’s social dominance, with mentions of “XRP” and “Ripple” on social media platforms reaching notable levels, contributing to increased market interest. LunarCrush also highlighted a 65% positive sentiment towards XRP on social media, resulting in a 184% surge in social interactions over the last 24 hours.
Ripple-SEC Lawsuits Saga Ends
These heightened social media activities, combined with legal developments, have catalyzed XRP’s recent uptrend. The final judgment in the SEC vs. Ripple lawsuit saw the fine reduced by 94% to $125 million, officially terminating the long-standing legal dispute. This positive resolution has been eagerly anticipated by XRP proponents, drawing parallels to the asset’s price surge following the 2023 ruling that XRP is not a security.
Although XRP reached $0.64 today, it is currently retracing and trading slightly above $0.60 at the time of this writing.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
