With the broader crypto market displaying renewed upside momentum, several digital assets like XRP have recorded notable gains in the last 24 hours. XRP’s recent upswing might be attributed to a massive buying spree among big investors as whale wallet addresses witness a significant rise.
Large Investors Betting Big On XRP Potential
Heightened volatility has damper XRP’s performance since the asset recently reached a new all-time high in the ongoing cycle. After dropping as low as $1,9, the altcoin has transitioned in an upward direction and recovered above the $2.5 price mark.
Despite the robust downward pressure in the past weeks, investors appear to have maintained a bullish sentiment toward XRP. In a post on the X platform, Santiment, a leading market intelligence and on-chain data platform reported that large investors often regarded as whales have accumulated a significant number of tokens during this period.
This surge in accumulation among key holders reflects consistent confidence in the altcoin’s potential in the long term. With prices rising once again, this development puts XRP in a crucial junction even as it heads toward critical resistance zones.
This massive buying pressure is spotted among whale wallet addresses holding at least 1 million XRP, indicating high demand among high-net-worth investors. Data from the platform shows that these cohorts currently hold over 46.4 billion coins. In the last 2 months alone, the whales have added about 6.5% to their total holdings.
XRP’s network usage has grown amid growing investors’ interest in the token. Since the beginning of March, address activity has experienced a substantial surge with almost 6 times more unique wallets engaging on the network within the period than in previous months.
Santiment also shed insights on the recent surge in XRP’s price. The platform noted that the asset has surpassed the $2.50 resistance level for the first time in 12 days after undergoing an additional 14% surge in the past day. Thus the platform claims that the asset has broken free from the altcoin pack.
Ripple’s Victory Over The US SEC Bolsters Price
According to Santiment, this price boost was also triggered by a notable advancement in the lawsuit between American-based payment company Ripple and the United States Securities and Exchange Commission (SEC). On Wednesday, the US SEC officially dropped its appeal against Ripple, which sparked massive excitement in the community.
Ripple Chief Executive Officer (CEO) Brad Garlinghouse has declared the advancement in the lengthy lawsuit a “resounding victory” for Ripple and the entire crypto community. With the case coming to an end, Garlinghouse believes that the future of crypto is bright, and it is time to build the sector.
In the meantime, the CEO has expressed his deepest gratitude to the outside counsel and his personal attorney Matt Solomon for his unwavering trust in the company since the case was issued.
Featured image from Adobe Stock, chart from Tradingview.com
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