- July is a critical month for Ripple’s legal battle with the SEC, impacting the cryptocurrency market.
- Regulatory developments and court decisions will shape the future of the industry.
- XRP’s price may experience significant growth soon
July is anticipated to be a decisive month for Ripple, the cryptocurrency company currently embroiled in a legal battle with the U.S. Securities and Exchange Commission (SEC).
Ripple’s CEO, Brad Garlinghouse, and chief legal officer, Stuart Alderoty, remain optimistic about a summary judgment ruling soon in Ripple’s favor, citing the weakening stance of the SEC’s argument. The outcome of this lawsuit, coupled with other significant market events, is poised to have far-reaching implications for the entire cryptocurrency landscape.
A Historic Change In Stablecoin Legislation
The U.S. House Financial Service Committee is poised to address regulatory clarity and stablecoin legislation, potentially leading to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) having separate jurisdictions over the cryptocurrency market.
A decision of this magnitude showcases just how important this ruling is for every player in this space.
Busy Month Ahead!
Along with this, several important court decisions involving major players such as Binance, Coinbase, Terraform Labs, and others are anticipated to be announced in July. These rulings shall set precedents for the industry, inevitably impacting market dynamics and investor sentiment.
Ripple’s Global Ambitions
Despite the ongoing legal battle with the SEC, Ripple continues to expand its global reach.
Recently, Ripple Markets APAC Pte Ltd received in-principle approval for the Major Payments Institution license from the Monetary Authority of Singapore (MAS), Singapore’s central bank. This development indicates Ripple’s commitment to expanding its services and partnerships worldwide and also showcases that their main focus might not only be USA anymore.
XRP Gains Institutional Interest
XRP, Ripple’s native cryptocurrency, is thriving too! It has witnessed renewed interest from institutional investors after a long period of outflows, exchange-traded funds (ETFs) experienced inflows. Moreover, the filing of Bitcoin ETFs and the entry of traditional financial institutions into the crypto industry have contributed to positive sentiment among traders and investors.
What Does History Tell Us?
Crypto analyst Ali Martinez recently shared intriguing data on Twitter, unveiling a correlation between XRP’s network activity and its price. Historical analysis reveals that significant increases in the number of active XRP addresses have been followed by substantial price surges. Recent on-chain data from Santiment supports this correlation, highlighting a surge in XRP’s daily active addresses in the past few days, suggesting a potential price increase.
Taking into account the convergence of positive market factors, including regulatory developments, institutional interest, and network activity, XRP holds the potential for significant upward movement in the near future. If XRP follows its historical pattern, a 50% price increase is expected. As one of the leading cryptocurrencies, such a movement could have a ripple effect on the broader crypto market, bolstering investor confidence and potentially driving up the prices of other digital assets.
XRP Price Outlook
Since the beginning of the year, the XRP price has already rallied over 35%, currently trading at $0.48 with a marginal 2% dip in the last 24 hours. The 24-hour low and high are recorded at $0.479 and $0.492, respectively. While speculation abounds among traders and enthusiasts, the possibility of XRP reaching $1 remains a topic of discussion, influenced by the ongoing SEC lawsuit and other market factors.