Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty have expressed optimism regarding a summary judgment in Ripple’s favor as the US SEC’s argument appears to weaken. July has the potential to be a pivotal month for the crypto market, with many significant developments anticipated by investors.
The US House Financial Service Committee is preparing to bring regulatory clarity and introduce a stablecoin bill. This move could result in the US SEC and CFTC having individual control over the crypto market. Furthermore, judges presiding over various cases, including Binance, Coinbase, Terraform Labs, and others, are expected to announce crucial decisions in July. Ripple’s global outreach continues even amid the SEC lawsuit. Recently, Ripple Markets APAC Pte Ltd received in-principle approval for a Major Payments Institution license from Singapore’s central bank, the Monetary Authority of Singapore (MAS).
For the first time in several weeks, institutional investors are purchasing XRP again, as ETFs recorded inflows. The renewed interest in the midst of Bitcoin ETF filings and the entry of traditional finance into the crypto sector has led to a rise in sentiment among traders.
Crypto analyst Ali Martinez shared intriguing data regarding the connection between network activity and XRP price on Twitter. According to Santiment data, XRP price increased following a spike in the number of active XRP addresses during the past three instances this year. Prices rose by 25% in January, 50% in March, and 25% in May as a result of significant increases in daily active addresses.
Santiment on-chain data indicates a surge in XRP daily active addresses in recent days, suggesting a high likelihood of an XRP price jump. Based on historical data and the current sentiment of the US SEC v. Ripple lawsuit, a 50% increase in price is anticipated.
This year, XRP price has seen an increase of more than 35% and is currently trading at $0.48, down 2% in the last 24 hours. The 24-hour low and high are $0.479 and $0.492, respectively.
Among the major events to watch this week are GDP & Inflation data, the US Fed Powell speech, monthly expiry, and more. As the crypto market awaits these crucial decisions and events, investors and enthusiasts should stay informed and conduct their market research before making any investment decisions.
Source: Coingape
