XRP price has surged to $0.53, marking its highest point in the past 10 days. The fifth-largest crypto-asset had maintained a relatively stable range between $0.48 and $0.52.
The latest data suggest that a cohort of addresses, dubbed the “smart money tiers,” has been accumulating since the start of October.
- XRP appears to be on a promising trajectory towards sustained impressive performance, and this can be attributed to certain developments that have occurred behind the scenes.
- According to data from Santiment, the price uptick is closely linked to a significant increase in accumulation among addresses holding 10,000 to 10 million XRP. The crypto analytics platform has pointed out the swift accumulation of XRP by investors categorized as “smart money,” who hold between 10,000 and 10 million of the token each.
- This particular group of holders now possesses the highest quantity of XRP since July 27, accounting for 29.5% of the total supply.
🐳📈 #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
- XRP’s social dominance also surged to its second-highest point in more than a month, underscoring the rising interest and engagement within the cryptocurrency community.
- The trend coincided with the United States Securities and Exchange Commission’s (SEC) announcement seeking to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on October 19th, which was undoubtedly the company’s third win in a row against the financial watchdog.
- The decision follows several months after the Southern District of New York ruled that the blockchain offering and trading of XRP on digital asset exchanges did not constitute the offering and selling of investment contracts, as had been claimed by the SEC.
- Although the dispute between Ripple and the regulatory authority remains ongoing, the legal clarity has significantly boosted XRP’s appeal among investors.