The number of large whales holding XRP, defined as wallet holders with at least 100 million tokens, has recently surged to 199, reaching its highest point in nearly three months. This significant rise comes from a landmark ruling in the US, where a federal judge declared that XRP is “not necessarily a security on its face.”
According to on-chain analytics firm Santiment, there has been a notable shift in XRP accumulation trends in July 2023. The current value of XRP is hovering around $0.7387, and the surge in large whale wallets indicates a renewed interest in the cryptocurrency. Previously, a period of selling saw the number of large investors dip below 200.
Santiment’s data also reveals an increase in active XRP addresses over the last 30 days, rising by over 23% and an impressive 43% over the past year. These addresses, holding between 100,000 and 100 million XRP tokens, have accumulated approximately 838 million XRP tokens since May.
The surge in XRP’s popularity can be attributed to the landmark legal victory for Ripple in its battle against the U.S. Securities and Exchange Commission (SEC). The SEC sued Ripple for alleged violation of U.S. securities laws, claiming that XRP was sold without proper registration with the agency. The favourable ruling has led to prominent cryptocurrency exchanges like Crypto.com, Kraken, and Coinbase relisting XRP, significantly boosting its liquidity in the market.
The positive sentiment has also triggered an accumulation trend, as the number of XRP token holders with at least one million tokens surpassed 1,900. Additionally, XRP’s trading volume has skyrocketed, surpassing that of Bitcoin. Ripple’s Chief Technology Officer, David Schwartz, revealed that XRP’s volume as a percentage of market capitalization is quadruple that of BTC.
Crypto analysts have expressed bullish sentiments after the ruling, with some predicting a potential price explosion for XRP, even reaching $6. While there might be a temporary dip, as analyst Michaël van de Poppe suggested, with a possible correction to around $0.65, it is seen as an opportunity for a bullish resurgence. According to his analysis, this post-dip rally could elevate XRP’s value to $0.90.
The recent legal victory for Ripple and the subsequent relisting of significant exchanges have breathed new life into XRP’s market. The surge in large whale wallets and active addresses indicates growing confidence in the cryptocurrency’s potential. However, as with all investments, investors should exercise caution and conduct thorough research before making any decisions in the volatile crypto market.
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