XRP market capitalization soars as whales accumulate billions

Posted by Lea Hogg Posted: Aug 08, 2024

XRP, the popular cryptocurrency, has achieved a significant milestone with its market capitalization surging by 23 percent in the past 24 hours. This impressive increase has been driven by the news of the final ruling in the SEC v. Ripple legal battle.

However, the on-chain platform Santiment reports that there are more reasons behind the price surge. In particular, there is significant accumulation among high-net-worth holders, or “whales” and “sharks.” Recent data reveals that wallets containing between 1 million and 10 million XRP now hold a record 7.06 billion coins, valued at approximately $4.42 billion.

This surge in accumulation is noteworthy, reflecting a 10.4 percent increase of 662.4 million XRP acquired this August alone. This accumulation trend has pushed XRP’s social media discussions to their highest levels since January, indicating growing public interest and market sentiment.

It is interesting to see how things will change within these wallets after the news of the SEC v. Ripple ruling broke. It may seem that all of this accumulation was built specifically in anticipation of a resolution in the case that has been dragging on for the last four years.

Legal triumph and whale accumulation

Now, the burden of legal troubles is gone for XRP and Ripple, although the appeal may still be filed, and it will be other narratives that will influence the price action of the popular cryptocurrency.

The 7.06 billion XRP is an enormous amount, representing 12.5 percent of the circulating supply of the token, according to data from CoinMarketCap. Once released on a market, it can cause irreparable damage to the price of XRP. On the other hand, the concentration of so many tokens in whales’ wallets provides a kind of support for XRP.

Thus, such an ambivalent situation arises. The future of XRP is now more intriguing than ever, with its legal troubles behind it and a significant accumulation of tokens in the hands of whales. As the cryptocurrency market continues to evolve, the actions of these high-net-worth holders will undoubtedly play a crucial role in shaping XRP’s trajectory.