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According to CoinMarketCap data, over $3 billion worth of XRP was traded in just 24 hours as the digital asset continues its rebound.
After facing significant pressure this week, XRP has been clawing its way back and regaining key support levels. XRP rebounded from a low of $1.94 in Friday's session.
On Saturday, XRP sustained its upward momentum and was up 2.63% in the last 24 hours to $2.06.
Friday's XRP action saw the transfer of 200,000,000 XRP worth $402,739,474 from Ripple to an undisclosed wallet.
According to Glassnode, during XRP's February spike, the realized cap nearly doubled from $30.1 billion to $64.2 billion, with a $30 billion inflow primarily from new investors. This short-term capital rise speaks to retail-led momentum, which has cooled off as inflows decreased after February.
In line with this, around 6 million old supply currently accounts for 62.8% of XRP realized cap, up from only 23%. This rapid concentration in new holdings demonstrates strong retail activity, but it also enhances the danger of fragility, as many hold elevated cost bases.
Arman ShirinyanThe coming days will be critical, with eyes on both XRP inflows and volume. If XRP can continue to rise, it may attempt to reclaim resistance levels. However, if momentum slows, XRP may remain in consolidation until its next major move.
XRP anticipates major developments
In the most recent step in the SEC litigation, Ripple Labs and the U.S. Securities and Exchange Commission jointly filed a request to suspend their respective appeals while they "pursue a negotiated resolution" of the case.
Tomiwabold OlajideJames K. Filan shared this development in a tweet: "The parties have filed a joint motion to hold the appeal in abeyance based on the parties’ agreement to settle. The settlement is awaiting commission approval. No brief will be filed on April 16."
As detailed in a filing submitted yesterday to the U.S. Court of Appeals for the Second Circuit, the two parties have already struck an agreement in principle, with Ripple CEO Brad Garlinghouse indicating last month that the SEC would dismiss its appeal.
Yesterday's application marks the first official confirmation that the SEC has dropped the appeal it filed in October, as well as confirmation that Ripple intends to withdraw its cross-appeal.
Vladislav Sopov
Dan Burgin