As the broader cryptocurrency market shows signs of renewed upward momentum, XRP has gained significant traction over the last 24 hours. The latest surge in XRP’s price can largely be attributed to a buying spree among whale investors, as evidenced by the increasing activity in whale wallet addresses.
Despite experiencing heightened volatility following the asset’s recent all-time high, XRP has rebounded from a low of $1.90 to reclaim its position above the $2.50 mark. This recovery reflects a growing bullish sentiment among investors, particularly large holders.
On the market intelligence platform Santiment, reports indicate that whales—addresses holding at least 1 million XRP—have significantly increased their holdings, now totaling over 46.4 billion coins. Over the past two months, these high-net-worth investors have added approximately 6.5% to their total holdings. This accumulation underscores a steadfast confidence in XRP’s long-term potential within the altcoin ecosystem.
Alongside the rise in prices, XRP’s network usage has surged, with a dramatic increase in wallet address activity since March. The number of unique wallets engaging with the network has surged nearly six-fold compared to previous months, indicating heightened investor interest and activity.
Santiment has highlighted that XRP has managed to break the $2.50 resistance level for the first time in 12 days, demonstrating a robust 14% price increase in recent days. This development positions XRP favorably as it moves past its competitors in the altcoin market.
A key catalyst for this price increase was the recent advancement in the legal battle between Ripple, the company behind XRP, and the U.S. Securities and Exchange Commission (SEC). The SEC’s decision to drop its appeal against Ripple has ignited excitement within the crypto community. Ripple’s CEO, Brad Garlinghouse, has hailed this development as a “resounding victory” for both the company and the broader cryptocurrency landscape.
As the legal uncertainties fade, Garlinghouse emphasizes the importance of focusing on innovation and building within the sector. His gratitude was extended towards the legal team who supported Ripple throughout this challenging period, reinforcing the optimism surrounding the future of not just XRP but the crypto industry at large.
