Ripple’s Recent Victory Over the SEC is Not The Only Bullish Thing for XRP’s Price
TL;DR
Following Ripple’s SEC win, XRP surged to $0.53. Big investors now control 29.5% of its supply.
Legal victories and increased holdings indicate potential for new XRP highs.
Both human analysts and AI, like ChatGPT, foresee regulatory clarity boosting XRP’s future value.
XRP Sharks and Whales Control Almost 30% of the Supply
Ripple and its native token – XRP – have splashed the waters in the cryptocurrency space once again after the company secured a third court victory in a row against the US Securities and Exchange Commission (SEC). The news triggered a price rally for the asset, which surged to approximately $0.53 (per CoinGecko) for the first time in two weeks.
According to the crypto behavior analytics platform – Santiment, XRP’s rise could be attributed to another factor: the recent accumulation spree from large investors. Specifically, sharks and whales (those holding between 10K and 10M tokens) have increased their overall possessions to the highest level since the end of July.
#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
They own 29.5% of XRP’s circulating supply or almost 16 billion assets. Calculated in current rates, the amount equals over $8 billion. As CryptoPotato previously reported, those investors held less than 27% of the existing supply at the beginning of the month.
How High XRP Could Go?
Analysts and experts have recently laid out numerous bullish forecasts, envisioning XRP to reach a new all-time high in the near future. Their bets now seem even more plausible, considering Ripple’s latest win against the SEC.
Some individuals, including the popular cryptocurrency analyst going by the name “KALEO,” are optimistic that Ripple’s native token will continue rising in the future due to a possible decisive victory in the legal battle.
The AI-powered language model – ChatGPT – also estimated that regulatory clarity could be among the vital elements to boost XRP’s valuation and eventually prompt a bull run for the asset.
Readers willing to find out how the coin might perform during the last quarter of 2023 could take a look at our dedicated video below:
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Filed under: Bitcoin - @ October 21, 2023 1:45 am