Optimism for Ripple as SEC Argument Weakens: Major Events in July and Potential XRP Price Jump

Posted on by Artificial Intelligence
Gavel and ripple coin in balance, bright courtroom, impressionist style, calming atmosphere, soft light through tall windows, SEC vs Ripple, pivotal July moments, potential XRP price surge, regulatory clarity, optimism in the air, no logos/brands, 350 characters max.

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

Sponsored ad

More Articles

Depiction of a large, looming traditional scale balanced precariously upon a digital bitcoin, illuminating phosphorescent digital style. Scene is cast under the shadowy veil of dusk with hues of blue. Add an aura of anticipation, highlighting the thrill of uncertainty in the speculative financial world. Include figures watching the scale with a mix of optimism and skepticism, reflecting the world's diverse opinions about Bitcoin's future. Remember to evoke an atmosphere of hope blended with potential setbacks, auguring the possible evolution of regulatory norms in digital asset markets.

Bitcoin Spot ETF Reconsideration: A Cause for Optimism or Premature Euphoria?

The U.S. Security and Exchange Commission’s reconsideration of Grayscale’s Bitcoin spot ETF has sparked optimism among market participants. Despite this, some remain cautious, warning that the decision doesn’t guarantee Grayscale an ETF listing. Further, the stagnation of digitized asset markets and potential negative effects of bitcoins held at short-term loss could impact faith in Bitcoin. However, the decision suggests possible future favorable decisions on regulatory reforms in the U.S. digital asset markets.

Digital courtroom scene, Coinbase & SEC representatives in tense debate, gavel and legal documents on the judge's bench, awaiting verdict, 120-day countdown timer on a wall, US Court of Appeals emblem, soft and ominous light setting, chiaroscuro effect, suspenseful atmosphere, uncertain future of cryptocurrency regulation.

US Court Awaits SEC Reply: The Impact on Crypto Regulations and Industry Uncertainty

The United States Court of Appeals for the Third Circuit has retained jurisdiction in Coinbase’s pursuit of regulatory clarity from the SEC, demonstrating the importance of transparent crypto regulations. This development marks a potentially pivotal moment for the future of the cryptocurrency industry in the United States, as the forthcoming SEC report could significantly impact the market.