Altcoin
XRP Jumps 9% As Odds of Ripple SEC Lawsuit Settlement Increases
Ripple’s native crypto XRP is making strong gains following the SEC’s amendment to the Binance lawsuit over the treatment of third-party securities. Well, this development has got many thinking that it could speed up the settlement of the long-going SEC Ripple lawsuit. The XRP price is up by over 9% surging past $0.65 and a market cap of $36.5 billion. As a result, XRP has managed to flip Circle’s USDC for the sixth spot. Furthermore, the XRP whale activity has also shot up in recent weeks.
XRP Whale Accumulation Has Skyrocketed
As per on-chain data provider Santiment, there’s been a significant increase in the total number of wallets holding at least 10,000 XRP over the past five weeks. The Santiment data also shows that there are a total of 279,400 such shark and whale addresses currently on the XRP ledger, marking a return to a six-month high. In 2024, so far, the correlation between the growth of these large wallets and the altcoin’s market value has been notably strong.
Another reason behind the XRP price surge is that analysts predict that the SEC removing Solana (SOL), Cardano (ADA), Polygon (MATIC), and other altcoins from the ‘securities’ category from the Binance lawsuit would pave the way for a faster settlement in the XRP lawsuit.
However, Ripple CEO Brad Garlinghouse lashed out at the US SEC for its inconsistent regulatory practices and unclear regulator rules. He said that the federal regulator is not walking the talk when it comes to consistent rule implementation in the crypto space. The recent amendment could pave the way for Ripple to counter the identification of XRP as securities by the SEC.
Also Read: Ripple SEC Lawsuit: Lawyer Bets On Ruling Date In Remedies Phase
Where is Ripple’s XRP Going Next?
The recent XRP price surge to $0.65 comes on the heels of a staggering 133% surge in daily trading volumes to $2.726 billion. Furthermore, the altcoin is trading comfortably above its 50-day and 200-day moving averages.
The Ripple cryptocurrency has recently given a strong breakout from the triangle pattern and could go further to test the resistance of $0.90. However, a breakout above $0.90 could set the stage for the XRP rally to its all-time high breaking out from 6 years of price consolidation.
$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9
— Ali (@ali_charts) July 30, 2024
Also Read: Donald Trump Raises $25M From Bitcoin Conference 2024
Bhushan Akolkar
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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