XRP Defies Market Trends; Wallet Holdings Hit 6-Month High
According to CoinMarketCap, worldwide cryptocurrency market prices fell below $2.5 trillion on July 31. Bitcoin (BTC) and Ethereum (ETH) fell somewhat, striking a gloomy tone.
XRP changed unexpectedly. Ripple's native coin reached $0.6561, a four-month high, as reported. After 24 hours, XRP finished at $0.6534, up 5.93%.
Following this increase, its market value rose to $36.57 billion and trading volume rose 28.84% to $2.43 billion.
XRP's latest rise is fuelled by expectations that Ripple's protracted legal fight with the SEC is approaching its finish. For nearly three and a half years, this lawsuit has shadowed the market
On July 31, American attorney Fred Rispoli predicted a likely deal between the businesses, indicating a major step. The resolution may be revealed before summer, according to Jeremy Hogan.
XRP's recent rise may also be related to the SEC's abrupt adjustment to its lawsuit against Binance and some cryptocurrencies.
Binance was first accused by the SEC of promoting and selling Solana (SOL), Binance Coin (BNB), and Cardano (ADA) as “Third Party Crypto Asset Securities,” or investment contracts.
Token Holdings for XRP Wallets Reach Six-Month High
On-chain analytics show large holders accumulating as XRP diverges from Bitcoin and the cryptocurrency market.
In five weeks, 2,389 wallets have become “shark” with over 10,000 XRP. This trend continues with more accounts holding above 100,000 XRP. Large-scale holders are more confident in XRP's future, suggesting a market change.
XRP stayed above the 50-day and 200-day EMAs, showing bullish momentum. The golden crossing, when the 50-day EMA crossed above the 200-day EMA, confirmed this uptrend.
If XRP falls below today's intraday low of $0.61, traders should watch the important support level of $0.5739 this week, right above the 50-day EMA. While the SEC vs. crypto lawsuit and other regulatory measures may affect market movements, they must be properly followed.
