XRP has managed to grab the spotlight with a surge above $0.53. This unexpected leap comes after a relatively quiet period of over 10 days and stands out in a market where most other cryptocurrencies are facing a decline.
On-chain analytics platform Santiment recently published a report that points to a rapid accumulation of XRP by wallets in the 10,000 to 10 million XRP range. These are the “smart money” tiers we’re talking about.
According to Santiment, wallets in this range have been stacking up XRP at a pace not seen since July 27. In fact, they now hold a whopping 29.5% of the total XRP supply. That’s a significant chunk.
But that’s not all. There’s another piece of the puzzle that adds to this XRP story. In the last 24 hours, the U.S. Securities and Exchange Commission (SEC) decided to drop its lawsuit against Ripple’s CEO, Brad Garlinghouse, and co-founder, Chris Larsen.
This development provides a bit of legal clarity for XRP, which has been in the regulatory crosshairs for some time. With these legal concerns eased, XRP seems to be finding its footing and heading for new heights.