Cryptocurrency analytics platform Santiment is charting a future path for XRP after a court ruled that Ripple Labs’ automated, open-market sales of XRP did not constitute sales of securities.

XRP, which has rallied more than 70% since reaching a 15-month high following the court ruling, has more upside potential amid renewed interest, the company’s marketing director Brian Quinlivan said in a new blog post for Santiment Insights.

“Social dominance, which measures the percentage of discussions related to an asset across all top 100 assets by market cap, shows that XRP has surged to 7.4% of all discussions. This is the highest level of discussion about XRP since January 2021.

With such high levels of crowd awareness and FOMO (fear of missing out), it’s inevitable that there will be a cool-off period. But once traders stop paying attention and turn their attention elsewhere, a second wave up is likely to follow.”

Quinlivan also said that XRP whale and shark activity indicates bullishness for the fourth-largest crypto asset by market cap.

“Whale transaction volume on the XRP network has also hit a 2023 high by a wide margin. Today, there have been 637 (and counting) transactions valued at or above $100,000. Clearly, these large transactions are driving the pump…

If key whale and shark addresses are increasing the supply going into that pump, then that is a telltale sign that the pump may have just started, which is a sign of good things to come.”

However, Santiment’s marketing director warned that XRP’s rally following the court’s favorable ruling could be an “overreaction.”

“As with any major positive news like what we’ve seen today in the XRP community, we take the initial reaction with a grain of salt. Just like traders overreacted to the initial news of the SEC lawsuit last year, it wouldn’t be surprising if this rally was a bit of an overreaction as well.”