TLDR
- XRP price reaches $0.64, marking a 7% increase in 24 hours
- SEC’s amended complaint against Binance sparks settlement speculation in Ripple case
- Ripple CEO and CLO criticize SEC’s approach to crypto regulation
- South Korean markets show significant XRP trading activity
- 1 billion XRP token unlock scheduled for August 1
XRP has climbed 7% in a 24-hour period to reach $0.64. This marks the token’s highest value since late March.
The price surge comes amid developments in the ongoing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs, the company closely associated with XRP.
A recent SEC filing regarding its case against crypto exchange Binance has sparked speculation about a potential settlement in the Ripple case. The SEC plans to amend its complaint against Binance, particularly concerning “Third Party Crypto Asset Securities,” which some interpret as a sign of a shifting regulatory approach.
However, the relationship between the SEC and the crypto industry remains tense.
Ripple’s leadership has been vocal in their criticism of the regulatory body. CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty have both spoken out against what they perceive as inconsistent and hypocritical regulation under SEC Chair Gary Gensler’s leadership.
Garlinghouse pointed to a lack of clarity in the application of rules to different cryptocurrencies, while Alderoty highlighted apparent discrepancies in the SEC’s handling of cases against Binance and Coinbase. These comments underscore the ongoing challenges in establishing clear regulatory frameworks for the crypto industry.
Meanwhile, the South Korean crypto market has shown significant interest in XRP. Trading data reveals that the XRP-Korean Won trading pair has outpaced the XRP-USDT pair on Binance in terms of volume. This heightened activity in South Korea is contributing to the overall buying pressure on XRP.
Adding another layer to the XRP price dynamics is an upcoming token unlock. Ripple is scheduled to release 1 billion XRP tokens, valued at approximately $641 million at current prices, on August 1. This release is part of a pre-determined unlock schedule. While conventional wisdom might suggest that increasing supply could dampen prices, some research indicates it might actually enhance liquidity and potentially support an existing bullish trend.
Looking ahead, some analysts see potential for further XRP price movement. Crypto analyst Ali Martinez notes that XRP’s price has been consolidating within a symmetrical triangle pattern for six years. A break above the $0.90 level could signal a bullish breakout, according to Martinez.
