Written by Hazel J. Greene, Senior Analyst

As the XRP community waits anxiously for the SEC’s appeal against Judge Analisa Torres’ ruling, exciting developments are taking place within the cryptocurrency ecosystem. Notably, XRP wallets holding over 100 million tokens have surged to an impressive count of 199, reaching the highest level recorded since May 13. Simultaneously, the value of XRP held by whales has soared to $74 million, marking a three-month high.

Dispelling concerns within the XRP community, esteemed attorney John Deaton emphasizes that the SEC’s appeal should not be seen as a setback, but rather as a victory for the XRP army. Deaton reassuringly tweets that the appeal process is likely to span at least two years, offering ample time for XRP holders to adapt to potential changes in the regulatory landscape. He highlights that Judge Torres’ ruling stands as law until the second circuit resolves the SEC’s appeal, and states, “The ruling has been anything but a setback. It’s been a significant win.”

In spite of the ongoing appeal, XRP continues to witness substantial growth and adoption across the cryptocurrency sphere, attracting investors, traders, and enthusiasts alike. The price of XRP has been closely monitored since Judge Analisa Torres’ ruling and the subsequent SEC appeal.

Comprehensive market data provider, Kaiko, reports that XRP accounted for a remarkable 21% share of all crypto trade volume in the week following the ruling. Moreover, Santiment, a prominent market intelligence platform, highlights a surge in social conversations related to XRP, making up 7.4% of all discussions among the top 100 market cap assets during the same period.

Brian Q, a data analytics analyst, adds, “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.”

Despite recent developments, XRP has experienced a modest decline in value since the judge’s ruling. Currently priced at $0.68, XRP reflects a decline of 7.24% over the past seven days, according to data from Coinmarketcap.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.