XRP Whale Holdings hit all-time high amid update on Ripple’s lawsuit against SEC

XRP has decoupled from the broader crypto market, outperforming all major assets in terms of daily gains. While the rest of the market struggles, XRP experienced a sharp price increase of nearly 20% in the last day, reaching $0.64 on Thursday before retreating slightly to $0.61.

As a result of the continued uptrend, XRP has managed to post an impressive 42% monthly gain. This upward trend is supported by a certain group of whale wallets that have accumulated a significant amount of tokens, thus achieving a new record.

XRP bullish signs

XRP’s market cap soared 23% in the last 24 hours. According to Santiment’s latest findings, this rapid growth has coincided with a remarkable hoarding of whales, as wallets holding between 1 and 10 million tokens on the XRP Ledger now hold an all-time high of 7.06 billion coins worth approximately 4.42 billion dollars.

This cohort of whaling entities amassed over 662 million XRP in August alone, indicating growing confidence in the asset. Additionally, XRP has witnessed a dramatic increase in social media discussions, reaching its highest levels since January 30.

The increase in market capitalization, along with whale accumulation and increased social activity, suggests growing investor interest and speculation around XRP’s future price trajectory.

Meanwhile, the subsequent price surge caught future traders off guard, as evidenced by the liquidation of $7 million worth of short positions in XRP over the past 24 hours, according to data from CoinGlass.

Ripple vs. SEC

The renewed positive sentiment comes after a federal judge in New York moved forward to conclude a three-year securities lawsuit against Ripple Labs, which executives are hailing as a major “victory” for the industry.

On August 7, the judge imposed a $125 million civil penalty on the blockchain company and issued a permanent injunction preventing the company from violating US securities laws, signaling a crucial development in the case initiated by the Securities and Exchange Commission (SEC).

This ruling suggests that the long legal dispute, which began in December 2020, is nearing its end, boosting confidence among XRP investors.

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