The post XRP Defies Market Trend; Hits 6-Month High in Wallet Holding appeared on BitcoinEthereumNews.com.

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. XRP-USD 1-Day Chart (Source- CoinMarketCap) 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…

---

Filed under: News - @ July 31, 2024 6:30 pm