The price of XRP experienced a significant increase, climbing by 22.48% to $0.6053. This surge coincides with a notable accumulation of XRP by large investors, commonly referred to as whales and sharks. Additionally, heightened social media interest in the cryptocurrency has contributed to the price rally.
Whale and Shark Accumulation
According to data from Santiment, a cryptocurrency intelligence platform, wallets holding between 1 million and 10 million XRP have amassed a record-breaking portfolio of 7.06 billion XRP, valued at $4.42 billion. These investors have acquired an additional 662.4 million XRP this month alone, representing a 10.4% increase in their holdings.
Increased Social Media Engagement
Concurrent with the surge in XRP’s price, social media platforms have witnessed a substantial increase in mentions of the cryptocurrency. Santiment reported that XRP’s social dominance, a measure of its share of cryptocurrency-related conversions, reached its highest level since January 30. On X, formerly known as Twitter, over 61,100 posts mentioned “XRP” and 29,100 mentioned “Ripple” in a single day.
Social intelligence platform LunarCrush further emphasized the positive sentiment surrounding XRP on social media, with a 65% positivity rating and an 184% increase in social interactions within 24 hours. This surge in social media activity has undoubtedly contributed to the increased interest in XRP and its subsequent price appreciation.
Impact of the SEC vs. Ripple Lawsuit
The recent conclusion of the long-standing legal dispute between the Securities and Exchange Commission (SEC) and Ripple Labs has also played a pivotal role in XRP’s price movement. Judge Analisa Torres’s decision to significantly reduce the SEC’s proposed fine from $2 billion to $125 million marked a significant victory for Ripple and the XRP community.
This development has alleviated uncertainty surrounding the legal status of XRP, which had previously hindered its price performance. The positive outcome of the lawsuit has boosted investor confidence in XRP, leading to increased demand and price appreciation.
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Market Performance
The surge in XRP’s price has resulted in a trading volume exceeding $5 billion within 24 hours, representing a 266% increase compared to the previous day. This is the highest 24-hour trading volume for XRP in five months.
It is important to note that while XRP has experienced a substantial price increase, it has since retraced to just above $0.60 at the time of writing.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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