XRP Soars as SEC Drops Lawsuit Against Ripple Executives
It’s a good time for XRP as the cryptocurrency gains momentum in the market. The price of XRP experienced a significant rally following the news that the US Securities and Exchange Commission (SEC) has withdrawn its case against Ripple Labs’ executives Brad Garlinghouse and Chris Larsen. On-chain data also reveals that investors are accumulating XRP in anticipation of further price increases.
Smart Money Holders Increase Accumulation
Despite other altcoins seeing minimal activity, XRP surged by 10% in just 24 hours, reaching $0.53. This increase can be attributed to medium and large-scale investors, known as the “smart money” tier, who have been accumulating XRP tokens. Santiment, an on-chain analytics platform, reports that these investors now hold the highest amount since July 27th.
XRP’s dominance on social media also reached its second highest this month.
If this buying spree continues among smart money traders and whales start to join in, XRP could potentially reach $1 in the short term. Santiment data also indicates a constant rise in the number of XRP holders, currently standing at 4.81 million wallet addresses.
Potential for Parabolic Price Spikes
XRP is approaching a critical threshold that has historically caused significant price spikes. Chris Larsen, one of Ripple’s co-founders, has criticized the SEC after dropping the lawsuit against the company’s founders.
In contrast, Bitcoin has led the crypto market in gains this week, with its price increasing by 10.57% as it nears $30,000.
Hot Take: XRP Gains Momentum as SEC Drops Lawsuit
XRP has experienced a surge in price following the SEC’s decision to withdraw its lawsuit against Ripple executives. This news, combined with smart money investors accumulating XRP tokens and an increasing number of wallet addresses, suggests that XRP may continue its bullish run. With the potential for XRP to reach $1 and a history of parabolic price spikes, it’s an exciting time for XRP holders. However, it’s essential to monitor market trends and developments to make informed investment decisions.
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