Ripple’s Surge Amidst Legal Battle with SEC
Ripple, known for its ongoing legal dispute with the SEC, has emerged as one of the top cryptocurrencies in the market. XRP has shown strong performance, with a price increase of 8% in the last 24 hours, outpacing the stability of Bitcoin and Ethereum. The trading community anticipates a resolution to the conflict between Ripple Labs and the US SEC.
Positive Trends for XRP Price and Market Cap
On July 31, the global cryptocurrency market faced challenges, with the total value dropping below $2.5 trillion. Despite this, XRP has defied the downtrend, experiencing a surge in its native cryptocurrency price. The price reached a four-month high of around $0.67, currently trading at $0.65, marking an increase of 8.7% in the past day.
The legal battle between Ripple and the SEC, ongoing for over three years, is approaching a conclusion. Data from Santiment indicates a notable increase in the number of wallets holding at least 10,000 XRP tokens, reaching a six-month peak of nearly 280,000.
Market Sentiment and Future Outlook
Notable cryptocurrency analyst saint highlighted the growing number of significant XRP address holders, suggesting a positive correlation with market cap moving forward. Furthermore, Ripple is set to unlock 1 billion XRP in August, valued at $641 million currently. While an increase in token supply often leads to price depreciation, the market is showing signs of bullish momentum due to enhanced liquidity.
The CoinGecko on-chain data reveals that the demand for XRP is primarily being driven by South Korea, especially evident in the XRP-South Korean Won trading pair. The trading volume for this pair stands at $386 million, surpassing the $352 million volume of Binance’s XRP-USDT pair.
