Ripple is possibly one of the most adored crypto due to its long-standing battle with the SEC. XRP has a strong community and has gained 8% in the last 24 hours, beating Bitcoin’s and Ethereum’s market stability. Ripple traders foresee an end to the legal dispute between the United States SEC and Ripple Labs.
Ripple vs. SEC case could end soon
The crypto industry continued to struggle today, July 31, with the global crypto market cap falling below $2.5 trillion, according to CoinGecko’s on-chain data. Bitcoin (BTC) and Ethereum (ETH) are down – trading in the red, but this is not the case with XRP.
The price of Ripple’s native crypto coin has spiked, reaching a four-month high of around $0.67 just a few hours ago. It is currently trading at about $0.65, up 8.7% in the last 24 hours.
The Ripple vs. SEC case has been ongoing for over three and a half years, but the end is approaching. In addition, Santiment has revealed that the amount of wallets holding at least 10,000 XRP tokens has skyrocketed to a six-month high of almost 280,000.
Santiment writes, “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.”
Additionally, Ripple is set to unlock 1 billion XRP, worth $641 million at current prices, in August. Increasing the token supply would normally lower the price, but new data shows that increased liquidity could speed up a bullish market trend.
According to CoinGecko on-chain data, XRP demand is primarily driven by South Korea. The volume of the XRP-Korean Won trading pair was $386 million, compared to $352 million for Binance’s XRP-USDT trading pair.
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