As Bitcoin takes a significant hit, dropping to $28,500, and struggles to regain its previous momentum, the altcoin market unveils some fascinating surges, particularly with RAY and VRA tokens leading the rally. Additionally, the recent dismissal of the SEC’s appeal against Ripple has sparked a wave of buying demand for XRP, along with a notable increase in social dominance, as pointed out by on-chain analytics firm Santiment.
XRP Becomes Top Trending Altcoin
District Court Judge Analisa Torres has dismissed the United States Securities and Exchange Commission’s request to appeal its defeat against Ripple Labs, the issuer of XRP.
In a court order dated October 3, Judge Torres refused the SEC’s motion, stating that the regulatory body did not fulfill its obligation to demonstrate that controlling legal questions were present or that substantial grounds for divergent opinions existed on the issue.
Significantly, the decision doesn’t represent a total defeat for the regulator, since Judge Torres has set a trial date of April 23, 2024, to resolve the outstanding issues in the case. Following the announcement, the price of XRP experienced a nearly 8% spike, as per data from TradingView
Data from Santiment unveils that following Ripple’s successive win against the SEC in court, XRP has ascended to become a leading trending asset on social media, with the majority of conversations revolving around the SEC and Ripple. Conversely, the social trends of VRA and RAY tokens have also witnessed a surge, as VRA soared by over 71% in a week, and RAY token leaped by 24% within a mere hour.
VRA has incinerated 50% of its maximum supply recently, subsequent to one of the most extensive community consultations in crypto history — with additional plans to transfer 90 billion tokens, presently earmarked for data circulation, to a new blockchain. On the other hand, Raydium token is onboarding massive users on the Solana blockchain, bringing more buying interest for the platform.
Consequently, traders are extensively liquidating their positions in major assets like Bitcoin and Ethereum, channeling a flood of funds into the altcoin market.
XRP Triggers War Between Bulls And Bears
After breaching the $0.5 mark, XRP’s price trajectory sparked a multifaceted reaction among the trading community. Coinglass data sheds light on a notable short-liquidation of around $1.4 million, occurring after the trade defied sellers who had short-term bearish aspirations. This unexpected move seemingly caught several traders off-guard, prompting a swift and substantial liquidation event.
Conversely, on the buyers’ side, confidence appeared to be somewhat shaken as well. This was evidenced by the liquidation of $1.8 million worth of long positions after XRP failed to sustain its momentum to surge above the $0.55 threshold. This indicates an intense tension in the market, with traders on both sides of the fence experiencing the volatility of XRP price.
Nonetheless, the optimistic news resides in the rising demand for opening future contracts on XRP price. The Open Interest (OI) metric has witnessed a jump of $84 million in the past 24 hours, indicating a surging trading interest in the market. Furthermore, bulls seem to have an upper hand as the long-short ratio has experienced a jump, presently trading at 1.0912.
Buyers are steering the sentiment, maintaining 52% in long positions, while sellers, on the flip side, hold 48% in short positions, subtly skewing the sentiment in favor of purchasing for XRP price. Should this momentum sustain, we might anticipate a climb above $0.55 in the imminent hours and a substantial surge in the following 24 hours.