The SEC dropped its allegations against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, and the case against Garlinghouse and Larsen was dropped.
At this point, as Ripple continues to triumph against the SEC in the XRP-SEC case, the XRP price also reacted positively.
XRP, which gained nearly 10% in a short time, rose to $ 0.53.
XRP, which experienced some withdrawal afterwards, continues to be traded at $ 0.516 at the time of writing.
One of the biggest catalysts behind this rise is undoubtedly Ripple's recent victory against the SEC. However, according to Santiment's data, another important catalyst was the hoarding frenzy of wallets holding 10,000 to 10 million XRP.
In his post, Santiment said that XRP assets have reached the highest balance since July 27, as wallets holding 10,000 to 10 million XRP constantly accumulate XRP.
Santiment also stated that, as a result of the latest accumulation frenzy, wallets holding 10,000 to 10 million XRP hold 29.5% of the XRP supply.
“XRP jumped above $0.53 for the first time in 10 days even though most altcoins continued to fall.
The increase can largely be attributed to the XRP hoarding spree, with addresses holding 10K to 10M XRP. These wallets hold 29.5% of the XRP supply. “
In the chart he shared, Santiment also stated that XRP reached a social dominance of 2.56%, and this figure indicates the second highest rate of the last few months.
This increase in social dominance is due to Ripple's recent litigation victory against the SEC and the increase in the price of XRP.
🐳📈 #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
*This is not investment advice.
