The cryptocurrency market is known for its inherent volatility, with most digital assets experiencing frequent price fluctuations. In this context, XRPLedger (XRP) has defied the broader trend by experiencing a significant jump, climbing above the $0.53 mark for the first time in 10 days. This remarkable surge in XRP’s value can be primarily attributed to the “smart money” tiers of XRP holders, who are rapidly accumulating the digital currency.
🐳📈 #XRPLedger enjoyed its first jump above $0.53 in 10 days despite most #altcoins continuing to decline. The rise can largely be attributed to the 'smart money' tiers, holding between 10K to 10M $XRP, accumulating rapidly. They hold 29.5% of the supply. https://t.co/KULxMtMGRL pic.twitter.com/LTzFcrwG3f
— Santiment (@santimentfeed) October 20, 2023
Smart Money’s Impact
The term “smart money” refers to investors or entities with substantial capital at their disposal. In the case of XRP, these smart money players hold holdings ranging from 10,000 to 10 million XRP. Their collective holdings constitute a significant 29.5% of the XRP supply. It is the actions of these significant players that have contributed to XRP’s recent bullish performance.
XRP Social Dominance
Notably, XRP’s social dominance has hit its second-highest point in over a month. Social dominance in the cryptocurrency world is an indicator of the level of conversation and activity surrounding a particular digital asset on social media and online forums. The surge in XRP’s social dominance suggests a growing interest in the asset, likely propelled by the recent positive price movement.
SEC’s Ripple Withdrawal
Adding further momentum to XRP’s rally, the United States Securities and Exchange Commission (SEC) recently withdrew its legal action against Ripple XRP executives. This development marks a significant turning point in the legal battle that has persisted between Ripple Labs, the parent company of XRP, and the SEC. The withdrawal of the legal action has contributed to a renewed sense of optimism among XRP investors and enthusiasts.
XRP’s Role in the Cryptocurrency Ecosystem
XRP is a digital asset that has often been associated with cross-border payments and financial institutions. The recent accumulation by smart money tiers and the resurgence in social dominance demonstrate that XRP remains an intriguing asset within the cryptocurrency ecosystem.
Finally, XRP’s recent surge above $0.53, despite a broader decline in the altcoin market, can be attributed to the active accumulation by significant XRP holders. This demonstrates the ongoing interest in XRP and the potential it holds within the cryptocurrency space. Additionally, the withdrawal of the SEC’s legal action against Ripple executives has provided further impetus for XRP’s positive momentum. As the cryptocurrency market continues to evolve, XRP’s role and performance are likely to be closely monitored by both investors and industry observers.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.