XRP Jumps 9% as Odds of Ripple SEC Lawsuit Settlement Increase
Ripple’s native cryptocurrency, XRP, is making significant gains following the SEC’s amendment to the Binance lawsuit regarding the treatment of third-party securities. This development has raised hopes for a quicker resolution to the long-running SEC Ripple lawsuit. As a result, XRP has surged over 9%, reaching $0.65 and boasting a market cap of $36.5 billion. This increase has allowed XRP to surpass Circle’s USDC, securing the sixth spot in market capitalization. Additionally, XRP whale activity has surged in recent weeks.
XRP Whale Accumulation Has Skyrocketed
On-chain data provider Santiment reports a significant increase in the number of wallets holding at least 10,000 XRP over the past five weeks. Currently, there are 279,400 such shark and whale addresses on the XRP ledger, marking a return to a six-month high. Throughout 2024, the correlation between the growth of these large wallets and XRP’s market value has been notably strong.
Another catalyst for XRP’s surge is analysts’ predictions that the SEC removing Solana (SOL), Cardano (ADA), Polygon (MATIC), and other altcoins from the ‘securities’ category in the Binance lawsuit could expedite the settlement of the XRP lawsuit.
However, Ripple CEO Brad Garlinghouse has criticized the US SEC for its inconsistent regulatory practices and unclear rules. He pointed out that the federal regulator is not implementing consistent rules within the crypto space. This recent amendment could strengthen Ripple’s position against the SEC’s classification of XRP as securities.
Where is Ripple’s XRP Going Next?
The recent surge in XRP’s price to $0.65 is accompanied by a staggering 133% increase in daily trading volumes, reaching $2.726 billion. Furthermore, XRP is trading comfortably above its 50-day and 200-day moving averages.
Ripple’s cryptocurrency has recently broken out from a triangle pattern and is poised to test the resistance at $0.90. A breakout above $0.90 could pave the way for XRP to rally towards its all-time high, potentially ending six years of price consolidation.
As XRP continues to gain momentum, investors and analysts are closely watching for further developments in the Ripple SEC lawsuit and its impact on XRP’s future price movements.