Recent developments suggest Ripple's long-standing legal battle with the SEC may soon be resolved, boosting the value of its XRP token and increasing network activity.
Ripple CEO Brad Garlinghouse hinted in a Bloomberg interview that a resolution could be imminent, although he didn’t confirm ongoing settlement talks.
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Chief legal officer Stuart Alderoty highlighted the one-year mark of Judge Analisa Torres’s ruling, which declared XRP not a security—a decision the SEC has not contested.
Santiment, a blockchain analytics platform, reported a significant rise in activity on Ripple’s XRP Ledger, with user and new address numbers reaching their highest since March.
XRP Ledger is seeing a substantial amount of both new addresses created and total addresses interacting on the network. Both are at their highest levels since March. pic.twitter.com/AIeWzwannc
— Santiment (@santimentfeed) July 18, 2024
Speculation arose about a potential settlement announcement from an SEC meeting scheduled for last week, but the meeting has been postponed to July 25. The agenda includes “Institution and settlement of administrative proceedings” and “resolution of litigation claims.”
XRP’s value, which dropped to $0.42 on July 7, has surged by 40% in recent weeks, now trading around $0.59.
An Ethereum whale has recently caused a stir by offloading a substantial portion of its holdings, selling over $24 million worth of ETH in the past three days amid significant market pressure.
XRP has been trading within an ascending triangle pattern, signaling a potential significant breakout.
Recent on-chain data for Dogecoin (DOGE) reveals a surge in activity, indicating a growing optimism among cryptocurrency investors towards the popular meme coin.
Commerzbank, one of Germany’s largest financial institutions, is making a significant move into cryptocurrency by offering Bitcoin and Ethereum trading services to its corporate clients.