XRP surges 30% to $0.6408, driven by whale accumulation and social media frenzy, following a crucial development in the SEC vs. Ripple lawsuit.
XRP is again witnessing a solitary pump amid a broadly passive crypto market. Specifically, XRP has increased by approximately 30% from $0.4942 to $0.6408 today, emerging as the best-performing crypto among the top tokens in the last 24 hours.
Intelligence platform Santiment confirmed the growing market valuation of XRP in a recent update. The report provided insight into what happened on-chain before the price explosion for XRP.
XRP Whales Accumulate to New All-time Highs
Santiment revealed that wallets holding between 1 million and 10 million coins on the XRP Ledger network now hold a record portfolio. In particular, they now command 7.06 billion XRP coins valued at $4.42 billion.
This month alone, they accumulated an additional 662.4 million XRP coins, marking a 10.4% increase. Essentially, XRP whales and sharks have accumulated the asset to new all-time highs.
XRP Chart Santiment
XRP Social Dominance Also at Highest Levels
Meanwhile, besides on-chain accumulation propelling the value of XRP, the analytic platform observed that XRP’s social dominance is currently at its highest level since January 30, as mentions of XRP on social media platforms have surged in the last 24 hours.
For instance, there have been at least 61,100 posts mentioning “XRP” on X today, with “Ripple” also appearing 29,100 times.
XRP mentions on X
In a separate report, social intelligence platform LunarCrush highlighted that the sentiment toward XRP on social media is 65% positive, with social interactions seeing a 184% increase in the last 24 hours.
This increased social media activities for XRP contributed to the asset’s surging value today. Remarkably, XRP has seen a 24-hour trading volume of over $5 billion, a massive 212% increase from the previous day’s figure. This represents its highest 24-hour volume in five months.
Ripple Lawsuit Ends
Legal developments have triggered XRP’s uptrend. Notably, the judge in the nearly four-year SEC vs. Ripple lawsuit has issued the final judgment, ending the long-standing legal dispute that many believe hindered XRP’s progress, particularly during the last bull run when it failed to reach a new all-time high.
Specifically, Judge Analisa Torres reduced the $2 billion fine sought by the SEC for Ripple’s violation of securities laws by 94%, bringing it down to just $125 million and ultimately ending the dispute.
Members of the XRP Army have long awaited this final decision. They believed it would significantly impact XRP, similar to what occurred following the July 2023 ruling that XRP is not a security when XRP’s value doubled within 24 hours.
While XRP reached a high of $0.64 today, it is already retracing and trading just above $0.60 at press time.
