Ripple’s Legal Victory Propels XRP But More Drives Its Surge

Discover how courtroom victories and cryptocurrency whales are shaping the recent impressive ascent of XRP.

A tiny boat floating above the massive Whale with a XRP coin in its mouth.
Created by Kornelija Poderskytė from DailyCoin
  • Ripple’s courtroom victories have acted as one catalyst for XRP’s surprising surge.
  • Significant cryptocurrency players have made unprecedented accumulation efforts.
  • The resurgence of “sharks” and “whales” in the XRP landscape has been a recent development.

Ripple, a key player in the digital currency sphere, and its native token, XRP, was entangled in a legal tussle with the Securities and Exchange Commission. After a series of courtroom victories, Ripple’s executives have emerged victorious, steering XRP onto an intriguing trajectory. 

The consequence of this legal victory was a noticeable upsurge in XRP’s market value, with the token ascending to a high of $0.5277, as reported by CoinMarketCap, marking its highest point in the past two weeks.

However, as we delve deeper into this triumph, we’ll uncover that it’s not just the courtroom victories that have propelled XRP to dazzling new price highs. Behind the scenes, another intriguing force is at play, driving this digital asset to unprecedented levels.

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Insights from the crypto behavior analysis platform Santiment reveal that XRP’s recent surge can also be attributed to the conspicuous accumulation efforts of significant players in the cryptocurrency arena. 

Whales Lead XRP Rally with Massive Accumulation

Particularly, the “sharks” and “whales” – entities holding substantial XRP amounts, ranging from 10,000 to ten million tokens – have spearheaded this surge. These influential investors have collectively bolstered their XRP holdings to levels not witnessed since the conclusion of July.

Their combined ownership now accounts for an impressive 29.5% of XRP’s total circulating supply, which equates to an astonishing figure of almost 16 billion XRP tokens. In terms of contemporary valuations, this substantial trove translates to an excess of $8 billion in value. 

On the Flipside

  • The lawsuit highlighted the SEC’s viewpoint, asserting that XRP might be a security. This viewpoint hasn’t vanished with the legal wins and continues to be a point of contention.
  • While XRP’s recent price surge is encouraging, market sentiment can change rapidly.
  • Investors must be aware of these large holders’ potential influence on the market.

Why This Matters

Amidst a prolonged period of stagnant market dynamics, the XRP resurgence is a compelling catalyst, potentially kickstarting an anticipated bull run. This development injects much-needed excitement into the crypto space, hinting at broader market opportunities.

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To learn more about the related events surrounding Ripple and XRP, read here:
Victory for Ripple as SEC Drops Lawsuit, XRP Spikes 8%!

For the latest developments involving Ripple’s CTO and a thought-provoking question about Ethereum’s classification by the SEC, read here:
Ripple CTO Provokes SEC with Ethereum Classification Question

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.