In recent days, we have seen the price of XRP rise amid whale activity. In recent days, XRP has made waves in the cryptocurrency market and seems poised for significant gains. The price of XRP experienced a significant increase to $0.53 in response to the groundbreaking news that the US Securities and Exchange Commission (SEC) withdrew its case against Ripple Labs executives Brad Garlinghouse and Chris Larsen. Furthermore, on-chain data has shown that investors are piling up XRP in anticipation of a long bull run.
XRP’s 10% rise in the 24 hours following news of the SEC complaint represented a remarkable performance, especially given the poor performance of most other altcoins, with Bitcoin garnering most of the attention. According to the chain analysis platform Santiment, this price increase can be attributed to medium and large investors quickly accumulating XRP tokens. These investors, often referred to by Santiment as the “smart money” tier, began accumulating XRP after the news broke and now hold the highest amount of XRP since July 27.
These particular traders hold between 10,000 and 10 million XRP tokens in their wallets, which together hold 29.5% of the total XRP supply. While they may not be the type of whales to significantly affect buying pressure with a single trade, their collective action reflects overall market sentiment.
On the other hand, on-chain whale tracker Whale_Alerts has reported sporadic whale transfers to cryptocurrency exchanges throughout the week. Notably, on Thursday, October 19, the tracker recorded two significant XRP whale moves shortly before the SEC news. The first transfer involved 31,100,000 XRP worth $15,212,146 sent to the Bitstamp exchange. The second transfer saw 32,300,000 XRP tokens worth $15,794,353 making their way to Bitso. Coincidentally, the price of XRP dropped from $0.4878 to $0.4788 on the same day.
Despite some pullbacks, XRP is currently trading at $0.517. On-chain data shows more bullish than bearish tendencies as interest in XRP remains high. Additionally, during this period of accumulation, XRP’s social media dominance reached its second highest level of the month.
The future of XRP looks promising, and if the level of “smart money” traders continue to buy and more whales join the pile-up, it has the potential to reach $1 in the near term. Santiment data also shows that XRP holders are steadily increasing, with 4.81 million wallet addresses now holding XRP.
XRP is currently approaching a critical threshold and historically, this has led to a parabolic rise in price. Ripple co-founder Chris Larsen has voiced his criticism of the SEC after the agency dropped its lawsuit against the company’s founders.
In contrast, Bitcoin led the cryptocurrency market this week with a 10.57% gain near $30,000.
As XRP gains momentum and attracts significant accumulation from smart money holders and whales. The digital currency market is in for an exciting and potentially profitable ride in the coming days and weeks. Investors and enthusiasts will be watching the XRP market as it continues to evolve.