XRP, the sixth-largest cryptocurrency by market value, has surged more than 8% in the past 24 hours, outpacing all other top 50 altcoins. This heightened investor interest comes amid ongoing discussions of a potential settlement between the U.S. SEC and Ripple, the fintech company behind XRP. Meanwhile, Bitcoin (BTC), the leading cryptocurrency, falled to make similar inroads.

According to CoinMarketCap data, XRP rose by around 8%, with a 141.21% jump in trading volume to $2.8 billion, with a market capitalization of $35 billion. The altcoin is currently trading at $0.6417, down 83.1% from its all-time high of $3.84.

With the start of August, the SEC vs. Ripple lawsuit goes into a critical phase, with Judge Analisa Torres yet to issue a ruling. Notably, XRP enthusiast Jack the Rippler retweeted a leaked image on X (formerly Twitter) suggesting a secret meeting between the regulator and the blockchain firm for August 1, fueling settlement rumors. Additionally, pro-XRP lawyer Rispoli also speculated the lawsuit might be resolved by July 31.

The surge in XRP’s price comes at a time when investors are increasingly accumulating XRP. As per the data provided by Santiment, a blockchain analysis platform, the amount of wallets holding at least 10,000 XRP has skyrocketed in the past 5 weeks. Santiment further added:

XRP’s price surge coincides with increased investor accumulation. Santiment data reveals a marked rise in the number of wallets holding at least 10,000 XRP within the past five weeks. Santiment noted, “279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high.”

With XRP being increasingly popular among crypto holders in 2024, the altcoin has been printing significant gains as well, holding its place among the top 10 digital assets by market cap.

The Relative Strength Index (RSI) for the XRP/USDT pair reads a value of 69, which confirms that the token is nearing overbought territory. The RSI’s upward trajectory suggests further price increases are possible, but entering the overbought zone could signal a potential cool-off.