Speculation about a potential settlement between Ripple and the U.S. Securities and Exchange Commission (SEC) has intensified following significant on-chain activity involving Ripple's XRP. On July 17, on-chain data revealed the movement of nearly 195 million XRP coins, with 150 million of those transferred by Ripple. This has fueled discussions about an impending resolution in the ongoing lawsuit, while XRP's price continues to show bullish momentum.
On-Chain Activity and Market Reaction
Recent on-chain metrics have sparked speculation across the crypto industry. Notably, 150 million XRP, worth approximately $87.49 million, were transferred from Ripple to an unknown address, identified as rP4X2. This address has previously received large amounts of XRP, suggesting potential strategic moves by Ripple amidst the current market conditions.
Additionally, Whale Alert data highlighted another significant movement where a whale address, identified as ..Rzn, transferred 45.07 million XRP to the exchanges Bitstamp and Bitso in two separate transactions.
Legal Perspectives and Market Sentiment
Pro-Ripple lawyers Bill Morgan and Fred Rispoli have shared their expectations of a final judgment in the remedies briefing by the end of July or early August. This legal anticipation has coincided with a significant price surge for XRP. According to CoinMarketCap, XRP has extended its weekly gains to 38%, with a notable 11.50% increase over the past day, bringing the price to $0.609.
Trading Volume and Investor Interest
The bullish trend is further supported by a surge in trading volume and open interest. Data from Coinglass indicates that XRP’s futures open interest (OI) increased by 20.23%, reaching $818.02 million. Derivatives volume also spiked by 55.62% to $5.15 billion, highlighting rising investor interest in the asset.
However, the Relative Strength Index (RSI) has moved towards the overbought territory, reaching 76, which may suggest a potential price correction ahead.
Conclusion
The recent surge in XRP’s price and the substantial on-chain activity have intensified speculation about a potential settlement between Ripple and the SEC. As XRP breaches the $0.60 resistance level, maintaining this position will be crucial for further gains. The crypto community continues to monitor these developments closely, awaiting the final outcome of the legal proceedings and its impact on the market.
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