Ripple’s XRP token has surged to a four-month high of $0.65 and is on pace for its best monthly performance this year.
According to CryptoSlate’s data, XRP’s value has jumped about 33% over the past month, making it the top-performing large-cap crypto for July, surpassing Solana and other high-flying digital assets.
Retail and whale interest
Market analysts attribute this rise to the growing retail and whale investors’ interest in the digital asset.
According to CoinMarketCap, XRP’s trading volume spiked by 165% to $2.5 billion in the last 24 hours. Notably, South Korean exchanges Upbit and Bithumb contributed around 15% of this volume.
Additionally, blockchain intelligence firm Santiment reports a significant increase in wallets holding at least 10,000 XRP over the past five weeks, reaching a six-month high of 279,400 addresses. The firm noted that the correlation between these large wallets and XRP’s market value has been evident throughout 2024.
Potential SEC settlement?
Moreover, there are also speculations about a potential settlement between Ripple and the US Securities and Exchange Commission (SEC).
The SEC is set to hold a closed-door meeting on Aug. 1, sparking speculations that it might discuss a settlement with Ripple. However, the regulator’s website did not indicate that the meeting would involve the crypto company or its XRP token.
Still, many in the XRP community believe it indicates an impending agreement between both entities, as the meeting agenda included topics such as the institution and settlement of injunctive actions and administrative proceedings.
Furthermore, some analysts have pointed out that the SEC’s reluctance to reach a court decision on the security status of third-party tokens like Solana in its case against Binance may strengthen Ripple’s defense against the SEC’s securities claim on XRP.
Last year, Judge Analisa Torres ruled that XRP’s programmatic sales to the public do not constitute an offer or sale of an investment contract. However, she also ruled that the institutional sales of the token violated federal securities law.
Since then, the financial regulator has sought to penalize the crypto firm heavily for these violations.
Ripple CEO Brad Garlinghouse criticized the SEC for its inconsistent regulatory practices and ambiguous rules. He remarked:
“Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion.”
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