On July 31, the cryptocurrency market encountered turbulence, with global market valuations reportedly dropping beneath $2.5 trillion, CoinMarketCap reports. As a result, Bitcoin (BTC) and Ethereum (ETH) recorded slight declines, setting a somber tone.
However, XRP took a surprising turn. According to reports, Ripple’s native token soared to a four-month peak of $0.6561 earlier today. However, as hours passed, XRP settled around $0.6534, boasting a 5.93% rise over the last 24 hours.
Following this uptick, its market cap surged to $36.57 billion, while its trading volume gained 28.84% to $2.43 billion.
Experts Predict Imminent Ripple-SEC Agreement
XRP’s recent uptick is largely driven by increasing speculation that the prolonged legal battle between Ripple and the US Securities and Exchange Commission (SEC) is nearing its end. For over three and a half years, this case has cast a shadow over the market, yet some experts now hint that a resolution might be just around the corner.
For instance, American attorney Fred Rispoli recently forecasted a potential agreement between the entities on July 31, hinting at a significant development. Meanwhile, Jeremy Hogan speculated that the resolution might be unveiled before the summer concludes.
In addition, XRP’s recent climb ties intriguingly to the SEC’s sudden amendment in its case against Binance and select cryptocurrencies on its platform.
Initially, the SEC accused Binance of marketing and selling Solana (SOL), Binance Coin (BNB), and Cardano (ADA), among others, as “Third Party Crypto Asset Securities,” classifying them as investment contracts.
XRP Wallets Hit Six-Month High in Token Holdings
As XRP carves its path, diverging from Bitcoin and the broader cryptocurrency market, on-chain analytics disclose a rise in accumulation among major holders. Data from Santiment indicates that XRP wallets holding over 10,000 tokens have surged to a six-month high, now totaling around 279,400 accounts.
???????? The amount of wallets holding at least 10K XRP has skyrocketed in the past 5 weeks. 279.4K such shark & whale addresses exist on the ledger, returning to a 6-month high. The correlation between these wallets and XRP's market value has been undeniable throughout 2024. ???? pic.twitter.com/JRT3629sJH
— Santiment (@santimentfeed) July 30, 2024
In a mere five weeks, an additional 2,389 wallets have entered the “shark” category, each amassing over 10,000 XRP. This trend extends further, with an increase in accounts holding more than 100,000 XRP. The mounting number of large-scale holders reflects growing confidence in XRP’s potential, hinting at an alarming shift in market dynamics.
XRP Price Action
XRP held its ground above the 50-day and 200-day EMAs, showcasing robust bullish momentum. This uptrend was solidified by the golden crossover, where the 50-day EMA crossed above the 200-day EMA.
Breaking past the three-month trendline could pave the way for XRP to challenge the $0.7485 resistance level, last touched on March 11. Moreover, surpassing this barrier might trigger a rally toward the sought-after $0.92 high from July.
On the flip side, if XRP dips below today’s intraday low of approximately $0.61, traders should keep an eye on the critical support level at $0.5739 this week, just above the 50-day EMA. Meanwhile, ongoing developments in the SEC vs. crypto case and other regulatory actions must be closely monitored, as they could significantly impact market movements.
Also Read: Bitcoin Price Reversal Alert; Is the Bull Run Over for BTC?