XRP has decoupled from the broader crypto market, outperforming all top assets in terms of daily gains. While the rest of the market struggles, XRP experienced a sharp price increase of nearly 20% in the past day, reaching $0.64 on Thursday before slightly retracing to $0.61.
As a result of the continued uptrend, XRP has managed to post an impressive 42% in monthly gains. This bullish trend is backed by a certain group of whale wallets that have accumulated a significant stash of tokens, thereby clinching a new record.
XRP’s Bullish Signs
XRP’s market cap soared by 23% within the past 24 hours. According to Santiment’s latest findings, this rapid growth has coincided with a notable accumulation by whales, as wallets holding between 1 million to 10 million tokens on the XRP Ledger now collectively possess an all-time high of 7.06 billion coins worth approximately $4.42 billion.
This cohort of whale entities accumulated more than 662 million XRP in August alone, indicating rising confidence in the asset. Additionally, XRP has witnessed a dramatic rise in social media discussions, reaching their highest levels since January 30th.
The increased market cap, coupled with whale accumulation and heightened social activity, suggests growing investor interest and speculation around XRP’s future price trajectory.
Meanwhile, the subsequent price surge caught future traders off guard, as evidenced by the liquidation of $7 million worth of short positions in XRP over the past 24 hours, according to CoinGlass data.
Ripple vs. SEC
The renewed positive sentiment comes after a New York federal judge has advanced toward concluding a three-year securities lawsuit against Ripple Labs, which executives are celebrating as a major “victory” for the industry.
On August 7, the judge imposed a $125 million civil penalty on the blockchain firm and issued a permanent injunction preventing the firm from violating US securities laws, signaling a crucial development in the case initiated by the Securities and Exchange Commission (SEC).
This ruling suggests that the lengthy legal dispute, which started in December 2020, is nearing its end, boosting confidence among XRP investors.
