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Gamza Khanzadaev XRP defies altcoin gloom with $0.53 leap, thanks to big smart money moves Cover image via stock.adobe.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. In a significant turn of events, XRP has surged above $0.53, marking its first substantial jump in over 10 days. This surprising ascent stands out amid a broader decline in most altcoins, suggesting unique momentum for XRP on the market. On-chain analytics platform Santiment recently released a report detailing this surge, attributing the rise to rapid accumulation by “smart money” tiers, holding between 10,000 and 10 million XRP. According to Santiment, wallets within this range are now holding their highest amount since July 27, constituting 29.5% of the total supply. Source: Santiment Furthermore, XRP’s social dominance reached its second-highest level in over a month, indicating growing community interest in the cryptocurrency. This surge in activity aligns with the recent developments in the legal battle between Ripple and the SEC. Notably, the SEC dismissed its lawsuit against Ripple CEO Brad Garlinghouse and cofounder Chris Larsen in the past 24 hours, providing a semblance of legal clarity for the cryptocurrency. Triple hit While the litigation between Ripple and the regulatory body may be far from over, XRP is already one of the few cryptocurrencies with what can be called an “established” legal status. This newfound clarity has bolstered XRP’s appeal, particularly among investors from traditional financial environments…

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Filed under: News - @ October 21, 2023 11:12 am