$XRP has recently experienced a substantial increase in value and accumulation, decoupling from the wider altcoin sector. As per the data from Santiment, $XRP’s price shows a remarkable 14% increase over the past 24 hours amid the news about the U.S. SEC’s decision to drop its appeal confronting Ripple. The crypto market intelligence firm disclosed this massive upsurge of $XRP on its official social media account.
$XRP Sees 14% Gain, Surpasses Resistance Level at $2.50
Santiment’s data reveals that, apart from witnessing 14% gains, $XRP has also exceeded the resistance level of up to $2.50 for the first time over the past 12 days. A considerable rise in investor accumulation, the stunning legal win against the SEC, and the increased network activity have fueled this price rally. The on-chain data points out that big $XRP holders, particularly with wallets comprising a minimum of 1M $XRP, have massively increased holdings.
Specifically, this development has witnessed a clear upsurge over the past 2 months. Hence, the respective wallets now cumulatively hold up to 46.4B $XRP. This denotes a 6.5% jump in their $XRP holdings. This figure accounts for a huge inclusion of 2.82B more coins. This heightened $XRP accumulation indicates a spreading of confidence among the prominent stakeholders. Based on the historical data, rising accumulation levels in the case of big holders denote continued bullish momentum.
SEC’s Appeal Withdrawal against Ripple Significantly Contributes to $XRP’s Growth
According to Santiment, a major contributing factor behind the latest $XRP upsurge is the U.S. SEC’s decision to drop the appeal thereof against Ripple. Formerly, the years-long battle behind Ripple and the SEC has been serving as a crucial hindrance in pulling back $XRP’s price. Nevertheless, SEC’s latest appeal withdrawal marks a noteworthy victory for Ripple.
