XRP has recently surged to $0.65, with hopes that positive developments in the Ripple lawsuit could push it to $0.90. This rise has increased XRP’s market cap to $36.5 billion, allowing it to surpass Circle’s USDC and claim the sixth spot in the cryptocurrency rankings.
Legal Changes and Their Implications
An amendment to the Binance lawsuit has heightened the chances of a swift settlement in the SEC-Ripple case. This change involves the classification of third-party securities, which could speed up the Ripple litigation process.
Increased Whale Activity
Santiment reports a significant rise in XRP whale activity. The number of wallets holding at least 10,000 XRP has hit a six-month high, with 279,400 such addresses now on the XRP ledger. This increase shows a strong link between large wallet growth and XRP’s market value.
Impact of Altcoin Classification
Analysts suggest that the SEC’s decision to exclude Solana (SOL), Cardano (ADA), Polygon (MATIC), and other altcoins from the ‘securities’ category might accelerate the settlement of the XRP lawsuit. This could further boost XRP’s price.
Ripple’s Criticism of the SEC
Ripple CEO Brad Garlinghouse has criticized the SEC for inconsistent regulatory practices. He argues that the regulator is not enforcing clear rules in the cryptocurrency space. Garlinghouse believes the recent amendment might help Ripple challenge the SEC’s classification of XRP as a security.
XRP’s price surge, legal changes, and regulatory developments suggest a dynamic period ahead for Ripple.
