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Why July Is Crucial For Ripple Vs SEC Lawsuit, XRP Price & Overall Crypto Market?

Crypto market developments and lawsuits rulings in July to set Ripple vs US SEC summary judgment in July-end or August. XRP price to $1?
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Why July Is Crucial For Ripple Vs SEC Lawsuit, XRP Price & Overall Crypto Market?

Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty remain optimistic about summary judgment in Ripple’s favor as the US SEC’s argument becomes weak. July could prove to be a crucial month for the crypto market, with many major developments expected by investors.

The US House Financial Service Committee prepares to bring regulatory clarity and a stablecoin bill. This could also see US SEC and CFTC having separate control of the crypto market. Moreover, Judges in different cases including Binance, Coinbase, Terraform Labs, and others will announce major decisions in July.

Ripple continues its global outreach despite the SEC lawsuit. Last week, Ripple Markets APAC Pte Ltd received in-principle approval of the Major Payments Institution license from Singapore’s central bank Monetary Authority of Singapore (MAS).

In addition, institutional investors are again buying XRP as ETFs recorded the first week of inflow after many weeks of outflows. The renewed interest amid Bitcoin ETF filing and TradFi entering crypto industry have led to an increase in sentiment among traders.

Also Read: Binance Withdraws License From Another European Country, Focus In UAE

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Ripple vs SEC: XRP Price to Jump Again in July?

Popular crypto analyst Ali Martinez took to Twitter on June 26 to share interesting data on the relationship between network activity and XRP price.

According to Santiment data, XRP price jumped higher following a spike in the number of active XRP addresses in the last three instances this year. Prices soared 25% in January, 50% in March, and 25% in May after daily active addresses increased significantly.

XRP Price and Daily Active Addresses. Source: Santiment

“The last three instances XRP price jumped were preceded by a spike in the number of active XRP addresses.”

Santiment on-chain data shows a surge in XRP daily active addresses in the last few days. It indicates a high probability of a jump in XRP price. As per historical data and US SEC v. Ripple lawsuit sentiment, a 50% is expected again.

XRP price has rallied more than 35% this year. The price is currently trading at $0.48, down 2% in 24hrs. The 24-hour low and high are $0.479 and $0.492, respectively.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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