The performance of XRP has reached a new milestone, with its market capitalization surging by 23% in the past 24 hours. This impressive increase resulted from the news that the final decision in the Ripple vs. SEC legal case has been made.
However, the on-chain platform, Santiment points out other factors driving the price up. The evaluation indicates that the desired accumulation among the high net worth clients or ‘whales’ and ‘sharks’ has been central. Recent data reveals that wallets containing between 1 million and 10 million XRP now hold a record 7.06 billion coins, valued at approximately $4.42 billion.
Source: Santiment
Also Read: Ripple Co-Founder Comments on SEC Ruling, Celebrates Victory
Whales Increasing Their Holdings Pushed XRP Higher
The rise in accumulation is remarkable, representing a 10.4% increase, with 662.4 million XRP gained in August alone. This accumulating pattern has driven XRP’s social media debates to their most excellent levels since January, showing increased public interest and market sentiment.
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Sell Wall or Stone Wall?
Establishing the changes registered in these wallets after the Ripple vs. SEC ruling will be even more fun. It appears this was all amassed to fuel a solution in the case that has been pending for the last four years. Legal problems for XRP and Ripple have vanished, but appeals can still be an option. The following other narratives will now determine the price movement of this widely used digital currency.
The last six months have been a big blow to XRP due to the Ripple vs SEC ruling. With a record increase in market capitalization and a record high whale accumulation, XRP is getting fresh attention and hopes in cryptocurrency. Further developments regarding the post-ruling scenario issues are awaited as Ripple progresses.
Also Read: XRP Supersets as Analysts Expect a Huge Price Uptick in the Future
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.