XRP has taken the crypto world by storm, rising almost 40% to around 60 cents. The increase stems from speculation that Ripple Labs may settle its ongoing legal dispute with US regulators. The broader cryptocurrency market, including Bitcoin, has also benefited from this optimism, boosted by the idea of a cryptocurrency-friendly administration under a potential Donald Trump presidency.
Are the good times finally here? Here’s what you need to know.
Ripple versus SEC: Agreement or no agreement?
Despite the buzz, most legal experts believe a settlement between Ripple and the SEC remains unlikely, especially given Ripple’s string of legal victories. In our previous reportwe noted that former SEC attorney Marc Fagel bluntly dismissed settlement rumors.
Brad Garlinghouse, CEO of Ripple Labs, during a recent Bloomberg Television interview, remained tight-lipped about settlement negotiations with the SEC. However, he expressed optimism about a resolution, citing a previous court ruling in favor of Ripple. This ruling declared that sales of XRP to retail investors on exchanges did not constitute investment contracts, thereby challenging the SEC’s regulatory authority.
SEC meeting of July 18: what are the issues?
The SEC closed-door meeting scheduled for July 18 has further fueled speculation within the crypto community. Marc Fagel clarified that such closed-door meetings are common and are not necessarily indicative of settlement discussions.
Investors are eagerly waiting to see if this meeting will bring definitive news on the regulatory status of XRP. Zaheer Ebtikar, founder of crypto fund Split Capital, emphasized that the enthusiasm around XRP is linked to anticipated regulatory decisions.
Ripple plays smart
Ripple Labs recently announced a $1 million donation to a super political action committee. This committee aims to unseat anti-crypto senator Elizabeth Warren and support John Deaton’s Senate candidacy.
Current XRP Status
XRP is the sixth largest cryptocurrency, with a market value of around $34 billion. In comparison, Bitcoin has a market valuation of around $1.3 trillion, dominating around 50% of the crypto market.
Market activity increases
XRP trading volume and global activity have increased, driven by whale movements and speculation over the Ripple v. SEC case. On July 9, large transfers totaling 237 million XRP were observed, correlating with a price increase from around 44 cents to almost 60 cents. Monitoring whale movements and major market events is crucial for making informed trading decisions.
The increase in XRP trading volume indicates strong demand and growing market interest, driven by anticipation of the SEC’s resolution of the case.
Read also: Make Or Break: Why July 18 is crucial for XRP price and holders? Will the SEC drop the case?
The XRP rally has only just begun. Stay tuned for more updates.