XRP Jumps 9% As Odds of Ripple SEC Lawsuit Settlement Increases

Highlights

Amendment to Binance lawsuit has increased odds of SEC-Ripple settlement very soon.
Santiment reveals a significant rise in wallets holding at least 10,000 XRP with total number at six-month high.
Ripple CEO Brad Garlinghouse criticized the SEC for inconsistent regulatory practices.

The SEC’s amendment to the Binance lawsuit over the treatment of third-party securities has ushered fresh optimism in the XRP community and could speed up the settlement of the long-going SEC Ripple lawsuit. As a result, the XRP price has gained 9% surging past $0.65 today defying broader market consolidation. Additionally, the strong XRP whale activity has provided a further boost as the altcoin flips Cricle’s USDC for the sixth spot.

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 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

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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