XRP Sees Major Gains Amid Legal and Market Developments

XRP has been on a rollercoaster lately, impacted by both internal developments and external market conditions.

In mid-July, the cryptocurrency saw a strong rebound, fueled by hopes of a settlement in the ongoing SEC vs. Ripple lawsuit.

Initially, news of a closed SEC meeting sparked optimism, driving XRP’s price from $0.40 to $0.6387. However, the subsequent cancellation of this meeting caused the price to dip back to $0.54. Despite this, XRP has climbed over 35% in the past two weeks, with traders anticipating further gains.

The broader cryptocurrency market trends also influence XRP. A general uptrend in the market often benefits major altcoins like XRP.

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Bitcoin’s performance frequently sets the tone for other cryptocurrencies, and a rising BTC can positively impact XRP. Increasing institutional interest in cryptocurrencies is also a factor, with more large investors looking to diversify their portfolios with altcoins like XRP.

Additionally, there has been a notable increase in activity on the XRP Ledger. According to Santiment, there were 1,721 new XRP wallets created in a single day recently, the highest number since late 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

The number of active addresses also surged, indicating growing engagement with the XRP network.

These developments suggest a bullish outlook for XRP, with potential for further price increases. Investors are closely watching for signals of a breakout, which could present significant trading opportunities.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.