The price of XRP has surged to $0.65, buoyed by positive developments in Ripple's ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). Analysts are optimistic that recent changes in the SEC's lawsuit against Binance could hasten a resolution in the Ripple case, potentially driving XRP's price even higher to $0.90.
Ripple’s XRP Gains Momentum
Ripple's native cryptocurrency, XRP, is experiencing significant gains following the SEC's amendment to the Binance lawsuit, which involves the treatment of third-party securities. This amendment has led many to believe that it could expedite the settlement of the long-running SEC vs. Ripple lawsuit. The XRP price has climbed by over 9%, surpassing $0.65 and reaching a market capitalization of $36.5 billion. This surge has allowed XRP to overtake Circle’s USDC, securing the sixth spot in the market rankings. Additionally, whale activity for XRP has seen a notable increase in recent weeks.
XRP Whale Accumulation Soars
According to on-chain data provider Santiment, there has been a significant rise in the number of wallets holding at least 10,000 XRP over the past five weeks. Santiment's data reveals that there are currently 279,400 shark and whale addresses on the XRP ledger, marking a six-month high. In 2024, there has been a strong correlation between the growth of these large wallets and the altcoin’s market value. Analysts suggest that the SEC's removal of Solana (SOL), Cardano (ADA), Polygon (MATIC), and other altcoins from the 'securities' category in the Binance lawsuit could pave the way for a faster settlement in the XRP lawsuit.
Ripple CEO Criticizes SEC’s Regulatory Practices
Ripple CEO Brad Garlinghouse has criticized the SEC for its inconsistent regulatory practices and lack of clear guidelines. He argues that the federal regulator is not adhering to its stated principles when it comes to rule implementation in the cryptocurrency space. The recent amendment to the Binance lawsuit could provide Ripple with an opportunity to challenge the SEC's classification of XRP as a security.
Where is Ripple’s XRP Heading Next?
The recent surge in XRP’s price to $0.65 follows a dramatic 133% increase in daily trading volumes, reaching $2.726 billion. Moreover, XRP is currently trading comfortably above its 50-day and 200-day moving averages.
The Ripple cryptocurrency has recently broken out from a triangle pattern, and analysts believe it could test the resistance at $0.90. A breakout above this level could potentially propel XRP to its all-time high, breaking out from six years of price consolidation.
With the possibility of a settlement in the SEC lawsuit on the horizon and the increasing accumulation by large holders, XRP's future looks promising. The market will be closely watching these developments as they unfold.
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