In the last 24 hours, XRP has seen a surprising price increase, briefly surpassing the $0.53 mark, marking a substantial rally in over 10 days. This is particularly notable given that most altcoins have been in decline in the same period.
According to a report from on-chain analytics platform Santiment, this rally in the price of XRP can largely be attributed to the activity of investment “whales” with between 10,000 and 10 million XRP in their portfolios.
🐳📈 #XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the 'smart money' tiers, holding between 10K to 10M $XRP, accumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
These investors, commonly known as “smart money,” have been steadily accumulating XRP.
According to Santiment data, these wallets now hold an impressive 29.5% of the total XRP supply. This suggests a high level of confidence in the currency and a significant bet on its future.
Ripple’s Digital Dominance
Another key factor that has contributed to XRP’s rise is its growing dominance on social media, which has reached its second highest level in over a month.
This increase in online community activity reflects a growing interest in cryptocurrency, possibly fueled by recent developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC).
In the past 24 hours, the SEC dropped its lawsuit against top Ripple executives Brad Garlinghouse and Chris Larsen, providing a glimmer of legal clarity.Although the legal process continues, this move has cemented the legal status of XRP, setting it apart from many other cryptocurrencies in an often uncertain regulatory landscape.
The combination of investment “whale” confidence, growing community interest, and emerging legal clarity has boosted XRP’s appeal in cryptocurrency markets. Additionally, the digital asset benefits from the expansion in Ripple’s businesses and the active use of XRP in its operations.
These factors together make XRP stand out as a cryptocurrency with promising prospects in a constantly evolving digital asset market.