Home Altcoins News XRP Sees Surge in Whale Wallets Following Landmark Ruling – Market Momentum Grows

XRP Sees Surge in Whale Wallets Following Landmark Ruling – Market Momentum Grows

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In a dynamic twist within the cryptocurrency landscape, XRP, the digital asset associated with Ripple, has recently witnessed an impressive surge in the number of large whale wallets. These whale wallets, composed of holders with at least 100 million XRP tokens, have reached a remarkable count of 199, marking the highest number in nearly three months. This remarkable uptick in large whale activity comes in the aftermath of a momentous legal ruling in favor of XRP, further solidifying its position in the market.

Amidst these exciting developments, on-chain analytics firm Santiment has provided valuable insights into the growing number of whale wallets holding over 100 million XRP tokens, valued at approximately $74 million at the time of writing. The surge in whale wallets can be attributed to an ongoing accumulation trend, highlighting the growing momentum and investor confidence surrounding XRP. This upward trajectory has propelled the figure of large XRP whales to its highest level in an impressive 11 weeks.

As Santiment’s data reflects, there has been a notable shift in market sentiment in July 2023, indicating a significant increase in accumulation as XRP’s current value hovers around $0.7387. This follows a period of selling that temporarily brought the number of large investors below 200.

The bullish trajectory of XRP is further reinforced by Santiment’s consistent data trends, which demonstrate positive growth over time. Over the past 30 days, the number of active XRP addresses has surged by more than 23%, while over the past year, it has skyrocketed by an astonishing 43%. These active addresses, comprising holdings between 100,000 and 100 million XRP tokens, have collectively accumulated around 838 million XRP tokens since May.

The promising outlook for XRP can be directly attributed to a significant legal victory earlier this year. In a high-profile legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple, a federal judge ruled in favor of XRP, determining that the cryptocurrency is “not necessarily a security on its face.” This landmark ruling led to several leading cryptocurrency exchanges, including Crypto.com, Kraken, and Coinbase, promptly relisting XRP. As a result, the cryptocurrency witnessed a substantial boost in liquidity and market presence.

Fuelled by this favorable ruling, XRP has been steadily gaining traction. Notably, the number of XRP token holders with at least one million tokens on the cryptocurrency’s ledger has surpassed an impressive 1,900, further substantiating the ongoing accumulation trend triggered by a surge in investor sentiment.

Moreover, XRP has surpassed Bitcoin, the flagship cryptocurrency, in terms of trading volume. Ripple’s Chief Technology Officer, David Schwartz, revealed that XRP’s volume as a percentage of market capitalization is four times that of BTC, a testament to the cryptocurrency’s growing popularity and significance in the market.

As the cryptocurrency market continues to evolve and capture the imagination of investors and enthusiasts worldwide, XRP remains firmly in the spotlight. Expert predictions bolster the positive sentiment, with many analysts sharing optimistic projections. Some predict that XRP’s price has the potential to explode, with projections reaching as high as $6.

One such analyst, Michaël van de Poppe, has been closely monitoring XRP’s performance. While he focused his attention on XRP, he suggested a potential short-term dip to around $0.65. However, Van de Poppe’s optimism remains unwavering, as he believes this temporary setback could pave the way for a bullish resurgence. According to his analysis, the post-dip rally could potentially escalate XRP’s value to a high of $0.90, reaffirming the cryptocurrency’s upward potential.

As XRP continues its journey amidst market dynamics and regulatory developments, it holds the promise of becoming a formidable player in the ever-evolving world of digital assets. With a landmark legal victory behind it and an ever-increasing number of whale wallets, XRP remains well-positioned to make significant strides in the cryptocurrency market.

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Pankaj K

Pankaj is a skilled engineer with a passion for cryptocurrencies and blockchain technology. With over five years of experience in digital marketing, Pankaj is also an avid investor and trader in the crypto sphere. As a devoted fan of the Klever ecosystem, he strongly advocates for its innovative solutions and user-friendly wallet, while continuing to appreciate the Cardano project. Like my work? Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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