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Following the New York Southern District Court’s ruling that Ripple’s XRP and its programmed token sales did not violate securities laws, a historic day was experienced for the XRP community and the cryptocurrency market as a whole. The altcoin, which attracted all attention with its rise, broke records in many of its metrics.
Market Cap Exceeds $40 Billion
The court’s decision in the SEC vs Ripple case resulted in a partial victory for XRP’s issuer, leading to a nearly 90% increase in the price of the leading altcoin.
Parallel to the price increase, XRP’s market cap exceeded $40 billion, surpassing the second-largest stablecoin, USD Coin (USDC), and Binance‘s utility token, Binance Coin (BNB), to take the 4th position in the list of largest cryptocurrencies.
The trading volume of XRP on cryptocurrency exchanges reached its highest level in the past 10 months due to the rise in all metrics on the chain. XRP is no longer classified as a security asset in the United States, allowing investors to invest in it securely. The court’s decision has also increased the awareness of XRP, which is considered a positive development and is likely to have a positive impact on its rise.
Whale Activity and Trading Volume Surrounding XRP at Year’s Highest Level
Data provider Santiment reported that whale activity surrounding XRP rapidly increased after the court decision. The number of whale transactions on the XRP network reached its highest level of the year, with 637 transactions valued at over $100,000 occurring in the past 24 hours.
In addition to the high whale interest in XRP, there was also a significant increase in trading volume. XRP’s trading volume exceeded $4.5 billion, reaching its highest level in the past 10 months.
Santiment emphasized the importance of considering the context of transactions carried out by major cryptocurrency investors, stating that when whales and sharks increase their holdings during a price increase, the ongoing rise could have extremely positive results.
Furthermore, there was a significant increase in the Social Dominance metric, which shows how much a asset is being discussed and debated on social media. XRP’s Social Dominance metric reached 7.4%, the highest level since January 2021. Market experts expect the high interest shown by the crowd in XRP to continue for a while, but they emphasize the likelihood of a strong second rise when attention shifts to another asset.
