It’s been a historic day for the XRP community and the broader crypto market after the Southern District Court of New York concluded that the programmatic sales of Ripple’s XRP and other distributions didn’t constitute the sale of investment contracts.
The court ruling has been the major catalyst to send the XRP Price to the moon. Hours after the ruling, the XRP price is trading 60% over the last 24 hours and is currently trading at $0.75. With a market cap of $40 billion, XRP is now the fifth largest cryptocurrency leaving behind USDC Coin.
Also, the trading volumes for XRP across exchanges touched a 10-month high with on-chain indicators flashing all the bullish signals. XRP does not face the same regulatory constraints as securities in the United States, traders are more inclined to invest in it. The recent ruling has increased the visibility of XRP, which is considered a positive development and likely to have a bullish effect.
XRP Price Shoots As Whale Activity Hits 2023 High
On-chain data provider Santiment reported that the whale activity instantly shot up after the court ruling. Whale transactions on the XRP network have hit their highest in 2023 with a wide margin. In the last 24 hours, the XRP Network has registered 637 whale transitions with a value greater than $100,000 and more.
Along with the strong whale activity for XRP, the trading volumes for the cryptocurrency have also soared. With 4.46B of volume today, this is the highest level of trading we have seen in over 10 months.
Santiment explains that it’s important to consider the context of these transactions. If large holders of cryptocurrencies, known as whales and sharks, are increasing their holdings during a price increase, it suggests that the upward movement may continue and bring positive outcomes. We update our supply distribution metrics every 24 hours, so we’ll find out tomorrow if these big traders have further increased their holdings.
Also, Social dominance, which measures the amount of talk about an asset compared to other top assets, shows that XRP now accounts for 7.4% of all discussions. This is the highest level of discussion about XRP since January 2021. With so much attention and excitement from the crowd, there will likely be a period of reduced activity. However, when traders shift their focus elsewhere and stop paying attention, there’s a good chance that a second surge in activity will occur.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
