XRP’s smart money tier addresses now hold 29.5% of its supply, the highest in over two months.
These addresses accumulated over 85.5 million XRP since the October 3 rally.
XRP’s social dominance surged to 2.56% after Ripple’s third win in the SEC lawsuit, boosted by the ongoing accumulation of large addresses.
In recent developments within the XRP market, the smart money tier addresses have emerged as key players, intensifying their accumulation of the cryptocurrency and sparking a significant surge in social dominance. These notable addresses currently hold a staggering 29.5% of XRP’s overall supply, marking the highest accumulation rate in over two months.
#XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the 'smart money' tiers, holding between 10K to 10M $XRP, accumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
Since the notable rally on October 3, these addresses have further bolstered their XRP holdings, amassing an impressive additional 85.5 million tokens, clearly showcasing their confidence in the digital asset. This persistent accumulation trend has not only reinforced their dominant position in the market but has also contributed significantly to the ongoing bullish sentiment surrounding XRP.
Moreover, the recent favorable outcome for Ripple in the protracted SEC lawsuit has acted as a catalyst for a surge in XRP’s social dominance. Following the dismissal of charges against Ripple’s executives, Brad Garlinghouse and Chris Larsen, the cryptocurrency’s social dominance quickly soared to 2.56%. This notable increase was further amplified by the continued accumulation efforts of these substantial XRP holders, reinforcing the growing positive sentiment within the XRP community.
As the market continues to react to these developments, XRP is currently trading at $0.5187, reflecting an 8.41% surge over the past 24 hours. With the smart money tier addresses solidifying their positions and the broader market sentiment turning increasingly bullish, the trajectory of XRP’s value remains an intriguing aspect to monitor in the coming days.
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