XRP Price Soars Amid Ripple-SEC Settlement Speculations and Whale Interest
By: Eliza Bennet
Ripple's XRP token has experienced a significant surge, reaching a four-month high of $0.65 and marking its best monthly performance this year. This price increase, amounting to approximately 33% over the past month, has positioned XRP as the top-performing large-cap cryptocurrency for July, surpassing other notable digital assets.
The rise in XRP's value can be attributed to heightened interest from both retail and whale investors. Market data show that XRP's trading volume surged by 165% to $2.5 billion within a 24-hour period, with substantial contributions from South Korean exchanges Upbit and Bithumb. Blockchain intelligence firm Santiment reported a significant increase in the number of wallets holding at least 10,000 XRP, reaching a six-month high of 279,400 addresses. This trend indicates a correlation between the accumulation of large wallets and the upward movement in XRP's market value.
Speculations regarding a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) have also fueled this price rally. The SEC is scheduled to hold a closed-door meeting on August 1, leading many in the XRP community to believe that a settlement could be on the horizon. Although the official agenda does not specify any discussion related to Ripple or XRP, topics such as the institution and settlement of injunctive actions and administrative proceedings have raised hopes for a resolution.
Adding to the optimism, Ripple CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have publicly criticized the SEC for its inconsistent regulatory practices and ambiguous rules. Garlinghouse highlighted the perceived hypocrisy in the SEC's classification of crypto tokens and its overall management of crypto regulations. Alderoty pointed out discrepancies in the SEC's handling of lawsuits involving Binance and Coinbase, particularly regarding the classification of certain cryptocurrencies as securities.
The recent surge in XRP's price comes amidst ongoing legal battles and market dynamics. Crypto analyst Ali Martinez noted that XRP's price has been consolidating within a symmetrical triangle pattern for six years, suggesting a potential bullish breakout if XRP surpasses the $0.90 mark. However, a significant event looms as Ripple Labs is set to release 1 billion XRP from its escrow account on August 1. This influx of supply could impact the token's price if market demand does not keep pace.
Overall, the XRP token has outperformed major cryptocurrencies like Bitcoin and Ethereum during this period, with the potential for further gains if support levels hold and bullish momentum persists. Investors and analysts are closely monitoring the upcoming SEC meeting and Ripple's token release for any developments that could influence XRP's price trajectory.
For those interested in tracking XRP's performance and market trends, visiting reputable sources like CoinMarketCap and TradingView can provide valuable insights.
