Share this article
XRP Surges 7% Amid Ripple-SEC Settlement Hopes, $600M Token Unlock
XRP trading activity is heightening in South Korea, where traders tend to get euphoric about rallying tokens.
Updated Jul 31, 2024, 6:59 a.m. Published Jul 31, 2024, 6:56 a.m.
Make us preferred on Google
- XRP draws highest price since March 25.
- Traders foresee an end to the legal dispute between the SEC and Ripple Labs.
Optimism from traders pushed payments-focused XRP token to the front of the market, beating bitcoin , ether and the broad-based CoinDesk 20 index in Asian trading hours.
XRP has risen 7% in 24 hours to over 64 cents, the highest point since March 25, amid a large scheduled token unlock and increased hopes for settlement of the long-running SEC Ripple lawsuit.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
A Tuesday filing showed that the U.S. Securities and Exchange Commission (SEC) intends to amend its complaint against crypto exchange Binance, including with respect to "Third Party Crypto Asset Securities," which likely means that the Judge won't have to decide whether ten tokens such as Solana's SOL and Polygon's MATIC are unregistered securities just yet.
Although the filing did not name any token, traders are taking it to be a sign that the legal dispute between the SEC and Ripple Labs, which the regulator argues issued XRP, could be ending. Ripple and XRP aren't interchangeable. While Ripple is a fintech company focused on building a global payments network, XRP is an independent digital asset used for things like online payments and currency swaps.
Ripple is set to unlock 1 billion XRP, or $641 million worth at current prices, in August as part of a pre-determined unlock schedule.
While the concept of putting more token supply onto the market would logically drive down the price, a growing field of research suggests it might accelerate an existing bullish market trend because of increased liquidity.
Market data from CoinGecko shows that XRP's demand stems from South Korea. The XRP-Korean Won trading pair came in at $386.5 million versus Binance's XRP-USDT trading pair, which hit $352.5 million in volume.
In crypto circles, South Korean traders are known for pushing euphoric rallies on tokens, contributing to buying pressure and possibly influencing prices.
Earlier in July, XRP trading activity on local exchanges crossed those of usual leaders bitcoin and tether stablecoins, contributing to a 20% rally in the tokens.
Di più per voi
Accelerating Convergence Between Traditional and On-Chain Finance in 2026?
Commissioned bySociete Generale-FORGE
Di più per voi
Bitcoin’s long-term rally is ‘broken’ until it reclaims $85,000, Deribit executive says
A bitcoin price drop to $58,000 could reignite buying momentum.
Cosa sapere:
- Bitcoin's long-term rally is "broken" and will remain so until the price climbs above $85,000, said Jean-David Péquignot, chief commercial officer of derivatives exchange Deribit.
- Péquignot said that if bitcoin closes below the key $60,000 support level, the next likely target is its 200-week simple moving average near $58,000.
- The cryptocurrency has been trading between $60,000 and $70,000 for about a week.
