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