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$XRP surges 30% to $0.6408, driven by whale accumulation and social media frenzy, following a crucial development in the SEC vs. Ripple lawsuit.
$XRP is again witnessing a solitary pump amid a broadly passive crypto market. Specifically, $XRP has increased by approximately 30% from $0.4942 to $0.6408 today, emerging as the best-performing crypto among the top tokens in the last 24 hours.
Intelligence platform Santiment confirmed the growing market valuation of $XRP in a recent update. The report provided insight into what happened on-chain before the price explosion for $XRP.
$XRP Whales Accumulate to New All-time Highs
Santiment revealed that wallets holding between 1 million and 10 million coins on the $XRP Ledger network now hold a record portfolio. In particular, they now command 7.06 billion $XRP coins valued at $4.42 billion.
This month alone, they accumulated an additional 662.4 million $XRP coins, marking a 10.4% increase. Essentially, $XRP whales and sharks have accumulated the asset to new all-time highs.
$XRP Social Dominance Also at Highest Levels
Meanwhile, besides on-chain accumulation propelling the value of $XRP, the analytic platform observed that $XRP’s social dominance is currently at its highest level since January 30, as mentions of $XRP on social media platforms have surged in the last 24 hours.
For instance, there have been at least 61,100 posts mentioning “$XRP” on X today, with “Ripple” also appearing 29,100 times.
In a separate report, social intelligence platform LunarCrush highlighted that the sentiment toward $XRP on social media is 65% positive, with social interactions seeing a 184% increase in the last 24 hours.
This increased social media activities for $XRP contributed to the asset’s surging value today. Remarkably, $XRP has seen a 24-hour trading volume of over $5 billion, a massive 212% increase from the previous day’s figure. This represents its highest 24-hour volume in five months.
Ripple Lawsuit Ends
Legal developments have triggered $XRP’s uptrend. Notably, the judge in the nearly four-year SEC vs. Ripple lawsuit has issued the final judgment, ending the long-standing legal dispute that many believe hindered $XRP’s progress, particularly during the last bull run when it failed to reach a new all-time high.
Specifically, Judge Analisa Torres reduced the $2 billion fine sought by the SEC for Ripple’s violation of securities laws by 94%, bringing it down to just $125 million and ultimately ending the dispute.
Members of the $XRP Army have long awaited this final decision. They believed it would significantly impact $XRP, similar to what occurred following the July 2023 ruling that $XRP is not a security when $XRP’s value doubled within 24 hours.
While $XRP reached a high of $0.64 today, it is already retracing and trading just above $0.60 at press time.