A strong close on Wall Street Friday appears to be having a positive effect on crypto markets, with the likes of Bitcoin and altcoins seeing gains early this week. Ripple‘s XRP is proving to be a standout, with an increase of 2% amid continuous accumulation by crypto whales.
At the time of writing, XRP is trading 1.82% higher at a price of $0.4725, sporting a market cap of $24.5 billion. Over the past few weeks, whales have been bullish on XRP, purchasing 52 million coins worth just over $22.9 million, according to crypto analyst Ali Martinez. Ripple remains in the headlines due to its ongoing battle with the SEC, with a summary judgment set to be reached soon. However, Ripple recently experienced a blow as one of its counsels, Kylie Chiseul Kim, opted to withdraw from the company.
The case between Ripple and the SEC is predicted to resolve itself by July 2023, according to Jeremy Hogan. He based this forecast on a recent video featuring Ripple CEO Brad Garlinghouse, who mentioned that the case resolution should occur within weeks. Hogan tweeted that the judge in the Ripple case has made significant rulings every nine weeks, with the summary judgment ruling expected to take place in mid-July.
Hogan also pointed out the SEC’s attempts to keep Bill Hinman’s testimony under wraps. In terms of on-chain data, XRP’s social dominance has dipped to 1.228%. This metric measures the relative volume of discussions compared to other top-100 assets by market capitalization, so the decrease may signal a decline in interest and hype surrounding the token.
While the XRP market seems to be reaping the benefits of the Wall Street close, it is important to note that crypto markets are often subject to unpredictable changes. Ripple’s ongoing legal battle with the SEC and the subsequent uncertainty surrounding its future could impact the currency’s value and its representation in conversations with other significant assets.
Investing in cryptocurrencies always requires thorough research and preparation, as the author or any publication cannot be held responsible for any potential financial losses. Taking market conditions and the individual opinions of experts into account, it is necessary for all potential investors to make informed decisions and exercise caution when making investments.
Source: Coingape
