Ripple’s XRP token has surged to a four-month high of $0.65, and the Ripple price is on track for its best monthly performance this year. According to CryptoSlate’s data, the Ripple price has jumped approximately 33% over the past month, making it the top-performing large-cap cryptocurrency for July, significantly outperforming other high-flying digital assets like Solana.
Retail and Whale Interest Fueling XRP Surge
Market analysts attribute the recent rise in the Ripple price to the increased 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 South Korean exchanges Upbit and Bithumb contributing around 15% of this volume. Additionally, blockchain intelligence firm Santiment shows a significant uptick in wallets holding at least 10,000 XRP, with these addresses reaching a six-month high of 279,400. The firm noted that the correlation between these large wallets and the Ripple price has been evident throughout 2024.
Speculation surrounding a potential settlement between Ripple and the US Securities and Exchange Commission (SEC) is also influencing the Ripple price. A closed-door SEC meeting scheduled for August 1 has sparked rumors about potential discussions of a settlement with Ripple, although the regulator’s website did not indicate that Ripple or its XRP token would be on the agenda. Nevertheless, many in the XRP community view this meeting as a promising sign of an impending agreement, especially considering the topics announced for discussion, including the institution and settlement of injunctive actions and administrative proceedings.
Impact of SEC’s Legal Strategy on Ripple Price
Analysts have noted that the SEC’s hesitation to reach a court decision regarding the security status of third-party tokens, such as Solana in its case against Binance, may bolster Ripple’s defense against the SEC’s claims about XRP. In a significant ruling last year, Judge Analisa Torres determined that XRP’s programmatic sales to the public do not constitute an offer or sale of an investment contract, although she did rule that the institutional sales violated federal securities law. Since then, the SEC has aimed to impose heavy penalties on Ripple for these violations.
Ripple CEO Brad Garlinghouse has been vocal in criticizing the SEC for its inconsistent regulatory practices, stating, “Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion.”
Market Outlook: What’s Next for Ripple Price?
The resurgence of XRP whales is also noteworthy, as on-chain data analytics platform Santiment indicates a surge in the XRP holdings among addresses with at least 10,000 XRP tokens. The platform reported, “279.4K such shark and whale addresses exist on the ledger, returning to a six-month high.” The correlation between large wallets and the Ripple price has been undeniable throughout 2024, indicating that accumulation by big holders can influence retail sentiment. Retail investors often perceive the actions of whales as signals for upcoming positive price movements, potentially leading to additional buying pressure and further increases in the Ripple price.
With the SEC seemingly backing down from its aggressive stance toward cryptocurrencies that it previously classified as “securities,” speculations have arisen about a more favorable outcome for Ripple. This shift follows Donald Trump’s announcement over the weekend that he would fire SEC Chairman Gary Gensler if elected president in November. Recently, the SEC retracted its request for the “security status” of notable cryptocurrencies like Solana (SOL), Cardano (ADA), and Polygon (MATIC), prompting XRP traders to believe that the SEC may also reduce its aggression toward Ripple as the lawsuit approaches its conclusion.
There have been widespread rumors of a settlement ahead of the closed-door meeting on July 25, which has contributed to the XRP price increasing by over 12.5%. These recent gains in the Ripple price come just hours ahead of another private meeting between Ripple and the SEC.
SEC vs Ripple notice. Source: X
A resolution to this lawsuit could propel the Ripple price even higher, benefiting those invested in the token. As the situation unfolds, all eyes will be on the Ripple price and developments with the SEC.
