XRP price surges by over 8%, regaining the $0.5 mark amidst positive market sentiments.
SEC drops claims against Ripple Labs executives, further boosting XRP’s value by 10%.
Whale holdings in XRP increase, indicating strong confidence post the Ripple vs. SEC case.
In a market where altcoins grapple with stability, XRP emerges as a beacon of hope. For the first time in nearly two weeks, XRP’s price has surged impressively, marking an over 8% increase in just a day and reclaiming the pivotal $0.5 mark.
This surge isn’t mere coincidence. Recent disclosures reveal that XRP executives have clinched another win against the SEC, a victory that undoubtedly fuels this bullish trend.
#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
The SEC’s decision to retract claims against two Ripple Labs stalwarts further propelled XRP’s value, leading to a swift 10% gain. However, this meteoric rise was followed by a slight 2% correction.
Another contributing factor to XRP’s ascent is the notable accumulation by smart money entities holding between 10K to 10M XRP tokens. Data from Santiment indicates that these whale holdings now account for a whopping 30% of XRP’s total supply, the highest since the favorable Ripple vs. SEC verdict in late July.
Given the current market dynamics, XRP’s price trajectory looks promising. The prevailing sentiment strongly suggests an impending uptrend. If the bulls maintain dominance, pushing the price above the $0.51 resistance, XRP could soon challenge the $0.52 mark.
A sustained market at this level might even see the price targeting the upper resistance of $0.53. Conversely, should the bears regain control, XRP might retreat to its support at $0.50, and if the bearish trend persists, the $0.45 mark could be tested in the ensuing week.
Ripple and XRP, fortified by recent events, are set to carve a niche in the crypto landscape. Their trajectory not only promises growth but also heralds a new era of trust and investor confidence.
Read also:
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The post Why Whale Holdings in XRP Now Account for Nearly 30% of Total Supply appeared first on Crypto News Land.
