Ripple’s XRP token has seen a remarkable surge, reaching a four-month high of $0.65. This impressive rise marks the token’s best monthly performance this year, with a notable increase of 33% over the past month. The surge has outpaced other major cryptocurrencies like Solana, making XRP the top-performing large-cap crypto for July.
Retail and Whale Interest Fueling the Rise
The recent increase in Ripple price can be attributed to growing interest from both retail and whale investors. According to CoinMarketCap, XRP’s trading volume spiked by 165% to $2.5 billion in the last 24 hours, with significant contributions from South Korean exchanges Upbit and Bithumb, which accounted for around 15% of this volume.
Blockchain intelligence firm Santiment has reported a significant uptick in the number of wallets holding at least 10,000 XRP over the past five weeks, reaching a six-month high of 279,400 addresses. The correlation between these large wallets and XRP’s market value has been evident throughout 2024, indicating that major holders are accumulating the token, thereby influencing the Ripple price positively.
Speculations of a Potential SEC Settlement
There are also speculations about a potential settlement between Ripple and the US Securities and Exchange Commission (SEC). The SEC is set to hold a closed-door meeting on August 1, sparking rumours that a settlement with Ripple might be on the agenda. Although the regulator’s website does not explicitly mention Ripple or its XRP token, many in the XRP community believe this meeting could indicate an impending agreement between the two entities.
The agenda for the meeting includes topics such as the institution and settlement of injunctive actions and administrative proceedings. Some analysts suggest that the SEC’s reluctance to decisively rule on the security status of third-party tokens like Solana in its case against Binance might strengthen Ripple’s defense against the SEC’s securities claim on XRP. This has led to increased optimism among investors, further boosting the Ripple price.
The Return of XRP Whales
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Santiment’s on-chain data analytics platform has noted a spike in XRP holdings among addresses with a balance of at least 10,000 XRP tokens. “279.4K such shark and whale addresses exist on the ledger, returning to a 6-month high,” the platform stated in a recent post. The accumulation of large holdings often influences retail sentiment, as retail investors view whale actions as a signal of potential positive price movements. This can lead to additional buying pressure, further driving up the Ripple price.
Ripple CEO Brad Garlinghouse has been vocal about the SEC’s inconsistent regulatory practices and ambiguous rules. He remarked, “Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion.” Garlinghouse’s criticism highlights the regulatory challenges facing the cryptocurrency industry and adds to the speculation surrounding the potential SEC settlement.
Anticipation of SEC vs. Ripple Conclusion
The United States Securities and Exchange Commission (SEC) appears to be shifting its stance on cryptocurrencies it previously deemed as securities. This shift follows comments from former President Donald Trump, who has indicated that he would fire SEC chairman Gary Gensler if re-elected in November.
Recently, the SEC retracted its request for the security status of Solana (SOL), Cardano (ADA), and Polygon (MATIC), leading XRP traders to believe that the SEC may also become less aggressive towards Ripple. A hearsay of a settlement between Ripple and the SEC have been circulating widely, especially ahead of the closed-door meeting on July 25. Since these rumors began, Ripple price has jumped by over 12.50%.
As the lawsuit between Ripple and the SEC nears its conclusion, investors are closely watching the developments. A resolution could potentially propel the Ripple price even higher, solidifying its position as a leading cryptocurrency in the market.
Concluding the Ripple
In conclusion, the Ripple price surge to a four-month high reflects growing interest from both retail and whale investors. Speculations of a potential settlement with the SEC have added to the positive momentum, with significant trading volumes and increased holdings by large investors. As the market awaits the outcome of the SEC vs. Ripple case, the future looks promising for XRP, with the potential for further price increases on the horizon. Stay tuned for more updates on this evolving story on The Bit Journal.
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