Key Takeaways
- XRP experienced an astonishing surge of 87% within three hours, capturing the crypto community’s attention.
- Large holders of XRP, including institutional investors and whales, have been actively accumulating XRP tokens.
- The recent court ruling declaring XRP as not a security has played a crucial role in driving the accumulation trend by removing regulatory uncertainty and providing clarity for large holders.
Following, XRP’s win against SEC lawsuit, the XRP token has surged to 87% recently. Interestingly, the surge spanned between just three hours. This unexpected price movement has sent shockwaves through the crypto world, piquing the interest of investors and enthusiasts alike.
Moreover, what caught the attention of experts and analysts is the ongoing accumulation trend by large holders of XRP, which has been identified as a significant signal of bullish sentiment. According to Brian Q, an analyst at Santiment, a leading behavioural analytics platform for cryptocurrencies, the accumulation of XRP by large holders is a strong indicator of positive market sentiment.
The surge came shortly last night after a U.S. judge ruled that the sale of XRP tokens on exchanges did not qualify as investment contracts. Following the judgement, the token witnessed a whooping high 96% surge.
With the high-rise in hopes, it can be safely said that the users confidence in the asset and their anticipation of future price appreciation is increasing. The clarity provided by the court’s decision has removed a significant regulatory uncertainty that had been looming over XRP for quite some time.
As a result, large holders now feel more confident in their investments. They are increasing their holdings, expecting a favourable price trajectory in the coming days.
The analysis by Santiment reveals compelling evidence of the accumulation trend among large holders. Chart A from the source section, showcases a steady increase in the number of XRP tokens held by addresses with substantial holdings.
These large holders, often referred to as “whales,” have been actively accumulating XRP since the court ruling, steadily increasing their positions. While, the recent surge in XRP’s price has garnered significant attention, the accumulation trend by large holders is currently stealing the spotlight.
This trend reflects user’s belief in the asset’s future appreciation and has the potential to influence retail investors. As the market continues to unfold, it will be interesting to see how this accumulation by large holders shapes the price trajectory of XRP. Moreover, the overall market sentiment surrounding it is yet to unfold.
Source