XRP experienced a 10% surge following the US SEC's withdrawal of its case against Ripple executives Brad Garlinghouse and Chris Larsen. On-chain data suggests that medium and large-scale investors, known as "smart money," have been accumulating XRP tokens. They hold between 10,000 to 10 million XRP and own 29.5% of the total supply. XRP's price is now at $0.517 but could potentially reach $1 in the short term if the buying spree continues. Bitcoin has also seen significant gains this week, with its price approaching $30,000.
Our analysis of the situation
Cryptocurrency enthusiasts have been keeping a close eye on XRP lately, and it seems like the coin is gearing up for an impressive run. Excitement surged through the market when news broke that the US Securities and Exchange Commission had withdrawn its case against Ripple Labs' executives, Brad Garlinghouse and Chris Larsen. Alongside this victory, on-chain data has revealed a growing trend of investors accumulating XRP in anticipation of an extended bullish period.
XRP, the altcoin powerhouse, experienced a 10% surge within a mere 24 hours as the news of the SEC lawsuit's dismissal spread like wildfire. This remarkable leap propelled the coin's price to $0.53, surpassing even some of the altcoin market darlings. According to the discerning eyes of on-chain analytics platform Santiment, this sudden surge can be attributed to the strategic accumulation of XRP tokens by discerning medium and large-scale investors, commonly referred to as the "smart money."
Hold onto your hats! #XRPLedger takes a triumphant leap above $0.53, leaving other #altcoins gaping in awe. The driving force behind this surge is none other than the “smart money” tier, collectively holding between 10,000 to 10 million XRP tokens, rapidly expanding their positions. As fervent hodlers, they currently control a staggering 29.5% of the total XRP supply.🚀 https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
These crafty traders hold anywhere between 10,000 to 10 million XRP tokens, collectively claiming a substantial stake of 29.5% in the total XRP supply. Remember, these aren't your average whales who can single-handedly sway the market with a flick of their tail. However, the deliberate actions on this scale certainly speak volumes about the prevailing market sentiment.
Intriguingly, the on-chain whale tracker, Whale_Alerts, noted sporadic instances of XRP whale transfers to various crypto exchanges throughout the week. Just a few hours before the SEC news broke, the tracker recorded two significant XRP transfers by unknown entities. The first transfer amounted to 31,100,000 XRP, equivalent to a staggering $15,212,146, to crypto exchange Bitstamp. Shortly after, another transfer of 32,300,000 XRP tokens, valued at $15,794,353, made its way to Bitso. Interestingly, the price of XRP experienced a slight dip from $0.4878 to $0.4788 on the very same day.
31,100,000 #XRP (15,212,146 USD) transferred from an unknown wallet to #Bitstamphttps://t.co/p9wr31zwJQ
— Whale Alert (@whale_alert) October 19, 2023
32,300,000 #XRP (15,794,353 USD) transferred from an unknown wallet to #Bitsohttps://t.co/AGmGVVnJNC
— Whale Alert (@whale_alert) October 19, 2023
So, what does the future hold for XRP, and what potential impact can we expect? Although XRP has retraced some of its gains since the initial frenzy, on-chain data suggests a resilient bullish sentiment with a surge in interest for the coin. Impressively, XRP's dominance on social media has hit its second-highest peak this month during this phase of accumulation.
If the "smart money" tier continues its buying spree and whales join in the accumulation, we could witness XRP soaring to as high as $1 in the short term. Staggering data from Santiment also reveals a constant rise in XRP holders, currently standing at an impressive 4.81 million wallet addresses.
As XRP approaches a critical threshold, reminiscent of past parabolic price spikes, it seems like the co-founder of Ripple, Chris Larsen, had every reason to criticize the SEC after the agency dropped its lawsuit against Ripple's key figures.
In the midst of all this, Bitcoin has been leading the crypto market in gains this week, with its price surging by 10.57% as it inches closer to the $30,000 mark.
Featured image from The Daily Hodl
Disclaimer: The opinions expressed in this article are solely for entertainment purposes and do not constitute financial advice. Invest wisely and always do your own research.
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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