As the XRP community eagerly anticipates the outcome of the SEC’s appeal against Judge Analisa Torres’ ruling, significant developments are unfolding within the cryptocurrency’s ecosystem.
XRP wallets holding more than 100 million tokens have surged to a remarkable count of 199, marking the highest level recorded since May 13. XRP holders are on the edge of anticipation, as whale holdings have now soared to $74 million, a 3-month high.
This escalation in large whale holdings is accompanied by a surge in XRP’s trade volume, propelling it to surpass Bitcoin and Ethereum, becoming the dominant force in the crypto market.
Pro-XRP Attorney Calms Community Following SEC Appeal
Pro-XRP attorney John Deaton has stood firm in his conviction, assuring the community that the appeal is not a setback but rather a victory for the XRP army. As the SEC and Ripple’s legal battle unfolds, the attorney reassured the XRP community in a tweet that the appeal process is likely to extend for at least two years, and that the appeal won’t be a setback for XRP either, but will offer ample time for holders to adapt to potential changes in the regulatory landscape.
“The XRP community, which I represent, knows that Judge Torres’ ruling is law until the second circuit rules on the SEC’s appeal. The ruling has been anything but a setback. It’s been a significant win,” Deaton said.
XRP Dominates Crypto Trade Volume And Social Conversations
Despite the appeal, XRP continues to attract massive growth and adoption from all corners of the cryptocurrency world, including from investors, traders, and market enthusiasts.
Market participants have also been closely monitoring the price of XRP since Judge Analisa Torres’ ruling and the SEC’s subsequent appeal.
XRP price falls 7% in one week to $0.688 | Source: XRPUSD on TradingView.com
Kaiko, a source for comprehensive market data, revealed that XRP accounted for an astounding 21% share of all crypto trade volume in the week following Torres’s ruling. Santiment, a market intelligence platform, also highlighted the surge in social conversations related to XRP, accounting for 7.4% of all discussions among the top 100 market cap asset in the same time period.
Brian Q, a data analytics analyst, remarked: “Social dominance, which measures the percentage of discussions related to an asset compared to all top 100 market cap assets, indicates that XRP has shot up to 7.4% of ALL discussions.”
On its part, XRP has also lost a significant portion of its gains from the judge’s ruling last week. The cryptocurrency is currently sitting at $0.68, translating to a 7.24% decline in the last seven days according to data from Coinmarketcap.
Featured image from Capital.com, chart from TradingView.com