- XRP buy volume surges 235% as wallets holding 1M-10M XRP tokens accumulate 662.4M coins, marking a 10.4% rise in August.
- XRP rebounds to pre-crash levels, trading at $0.5703, despite a 4.31% drop in 24 hours, fueled by whale accumulation.
- Social dominance of XRP hits a 7-month high, reflecting increased community interest and engagement following a favorable legal ruling.
XRP has witnessed a notable increase in buy volume, surging over 235% within the last 24 hours. This surge coincides with increased activity among large holders, particularly wallets containing between 1 million and 10 million XRP tokens.
These wallets have collectively accumulated 662.4 million additional tokens in August, marking a substantial 10.4% rise. This accumulation indicates a big buying trend among large holders, often referred to as whales and sharks.
Price Recovery and Whale Activity
The recent activity among large holders aligns with a strong recovery in XRP’s price. The cryptocurrency’s value has rebounded to pre-crash levels last seen in July. At press time, XRP was trading at $0.5703, down by 4.31% in the last 24 hours but up 8.86% over the last week.
The price fluctuation reflects a low of $0.494291 and a high of $0.63883, with a closing price of $0.63127. The market cap of XRP stands at $32 billion, representing a 4.31% decrease, while the 24-hour trading volume has dropped by 8.95% to $1.05 billion.
Rising Social Dominance and Community Engagement
XRP’s social dominance has also seen an uptick, reaching its highest level since January 30th. This increase suggests growing interest and engagement within the XRP community. Analysts at Santiment reported a 23% increase in XRP’s market cap, with wallets holding 1 million to 10 million XRP now collectively owning a record 7.06 billion coins, valued at $4.42 billion.
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Impact of Recent Legal Ruling
This surge in XRP activity follows a key legal ruling by Judge Analisa Torres, who dismissed the U.S. Securities and Exchange Commission’s (SEC) claims of reckless conduct and fraud against Ripple.
The judge also rejected the SEC’s demand for a $2 billion fine, instead imposing a $125 million penalty related to specific historical sales to sophisticated investors. This ruling marks the conclusion of a prolonged legal battle that has affected Ripple and its native cryptocurrency for several years. The decision has sparked renewed speculation about XRP’s future trajectory, with some analysts predicting a potential breakout.
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