XRP Price Surges to $0.53, Highest in 10 Days
The price of XRP has reached $0.53, its highest point in the past 10 days. Previously, the fifth-largest cryptocurrency had maintained a stable range between $0.48 and $0.52.
“Smart Money Tiers” Accumulating XRP
Recent data suggests that a group of addresses known as the “smart money tiers” has been accumulating XRP since October. These addresses belong to investors who hold between 10,000 and 10 million XRP each.
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Santiment, a crypto analytics platform, has highlighted the significant increase in accumulation among these “smart money” investors as a key factor behind the price uptick. Currently, this group holds the highest quantity of XRP since July 27, accounting for 29.5% of the total supply.
Legal Clarity Boosts XRP’s Appeal
announcement seeking to dismiss all claims against Ripple CEO Brad Garlinghouse and executive chair Chris Larsen on October 19th, which was undoubtedly the company’s third win in a row against the financial watchdog.
The decision follows several months after the Southern District of New York ruled that the blockchain offering and trading of XRP on digital asset exchanges did not constitute the offering and selling of investment contracts, as had been claimed by the SEC. Although the dispute between Ripple and the regulatory authority remains ongoing, the legal clarity has significantly boosted XRP’s appeal among investors. Hot Take: XRP Price Surges Due to Accumulation by “Smart Money Tiers”
The recent surge in XRP price can be attributed to the accumulation of the cryptocurrency by a group of investors known as the “smart money tiers.” These investors, who hold between 10,000 and 10 million XRP each, have been steadily accumulating the token since October. Their accumulation has contributed to XRP’s impressive performance and its highest price in 10 days. Additionally, legal clarity regarding the ongoing dispute between Ripple and the SEC has increased XRP’s appeal among investors. While the dispute is ongoing, this development has positively impacted the perception of XRP as an investment opportunity.
