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XRP SURGES AFTER RIPPLE SETTLEMENT: TRADING VOLUMES TRIPLE
#XRPVictory #XRP #Ripple #SECvsRipple
XRP skyrocketed by 17% as Ripple Labs reached a milestone settlement with the U.S. Securities and Exchange Commission (SEC). The long-running legal battle finally saw some resolution, with a federal judge ordering Ripple to pay $125 million in civil penalties. While this marks a significant development, the SEC is expected to appeal, potentially extending the case.
Market Reactions and Trading Activity
Following the settlement, XRP's price jumped from 50 cents to 65 cents, with trading volumes soaring from $1.2 billion to $4.2 billion in just 24 hours. The surge in activity indicates strong market interest, particularly in South Korea, where XRP outperformed other major tokens.
Open interest in XRP-tracked futures increased by $200 million, showing new money entering the market. Over 60% of traders now have a long bias, expecting further price gains. Despite the significant price movements, short liquidations on XRP-tracked futures were minimal, suggesting that the rally was driven by spot trading.
Broader Market Overview
While XRP led the market gains, Toncoin (TON) also saw a 6% increase after Binance announced its listing. Other major cryptocurrencies like Bitcoin (BTC), Solana's SOL, and BNB Chain's BNB remained relatively unchanged. Ether (ETH), however, dropped by 3.4%.
In the ETF market, Bitcoin funds saw mixed flows. Bitcoin ETFs recorded $45.1 million in inflows, while Grayscale's GBTC saw a $30.6 million outflow. Ether ETFs experienced $23.7 million in outflows, with some funds like Fidelity's FETH managing small inflows.
Political Impact on Crypto Markets
BTC's stagnation may be influenced by political developments in the U.S., with Kamala Harris emerging as a potential market catalyst. Harris, now tied with Donald Trump in polls and on Polymarket, has gained support from a pro-crypto advocacy group, "Crypto for Harris," aiming to make crypto legislation a bipartisan issue.
