Ripple Vs SEC Case Will Be Completed, XRP Price Ready To Fly!
JAKARTA - The XRP market is preparing to face a new price spike in the fourth quarter of this year. This is not without reason because recently there has been a massive accumulation of XRP by big investors, and almost the end of Ripple's legal dispute with the Securities and Exchange Commission (SEC), there is a significant price increase potential.
The XRP/USD pair are expected to reach or even exceed 1 US dollar, a level that has not been reached since 2021. Even though there is currently selling pressure, XRP is still showing strong bullish potential, with the opportunity to return to its highest level this year.
On-chain data from Santiment reveals that large investors, or whales, have bought more XRPs. The largest XRP holders, which owns more than 1 billion tokens, increased their holdings from 40.27% to 41.44% by 2024. Whales with 1 million to 10 million XRP also increase their holdings. This phenomenon usually shows a positive sign as large investors expect price increases and could influence the market to make it happen.
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The long legal battle between Ripple and the SEC appears to be nearing the end. In 2023, Judge Analysis Torres ruled that XRP was not a security when it was sold on digital asset exchanges, providing a partial victory for Ripple. However, XRP is still considered a security when sold to institutional investors, in accordance with Howey's test terms.
The latest meeting between Ripple and the SEC to discuss potential settlements has been rescheduled for July 25, 2024. Experts believe that the price of XRP will spike once the Ripple vs. SEC case is resolved, with potential price increases in October. In addition, XRP's spot ETF approval could further increase market and price interest.
Even so, Coinpedia reports that not all parties are optimistic about the possibility of this settlement. Former SEC attorney Marc Fagel doubts the settlement, suggesting that the case may continue. However, Ripple CEO Brad Garlinghouse remains hopeful that a settlement could come before the end of the summer of 2024.