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.
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.
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On Friday, Ripple, a prominent American blockchain payments firm, executed a significant transfer of 100 million XRP, valued at approximately $54 million.
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