In a recent post by blockchain analytics firm Santiment, the crypto world was taken by storm as XRP saw a staggering 87% increase in just three hours. This significant price surge was accompanied by a notable increase in trading volume and on-chain metrics for XRP, which is currently ranked fifth in terms of market value.
Santiment Data!
According to Santiment, the trigger for this price movement was a court ruling in the ongoing case between Ripple and the SEC. The court ruled that XRP should not be considered a security in the United States, as it is being sold on crypto exchanges. This decision has sparked excitement within the XRP community, as it removes a significant regulatory hurdle and could potentially encourage more investment due to the financial advantages and increased freedom associated with non-security assets.
Ripple Reports!
However, Santiment’s analysis suggests that the market’s reaction to this decision may have been sudden and intense. XRP’s social dominance, which measures the percentage of discussions about an asset compared to the top 100 market cap assets, increased to 7.4%. This attention level is the highest seen since January 2021. Santiment expects a cooling-off period after such volatility, but it also suggests that a second wave of upward movement could occur when investors shift their focus elsewhere.
Furthermore, according to Santiment, whale transactions with a value of $100,000 or more on the XRP network have reached their highest levels in 2023. A total of 637 such transactions were recorded, indicating the potential influence of these large transactions on price increases. Santiment, the analytics company, highlighted a long-standing accumulation trend among these major stakeholders that began before the court ruling, even in early May.
