- XRP surged 17% following a settlement in the case involving Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This led to a jump in its price from 50 cents to 65 cents and a significant increase in trading volumes.The settlement involved Ripple paying $125 million in civil penalties and agreeing to an injunction against future securities law violations, although an appeal by the SEC is expected, potentially extending the legal proceedings.
As an analyst with over a decade of experience in the crypto market, I’ve seen my fair share of twists and turns. Today’s surge in XRP following the settlement between Ripple Labs and the SEC is no exception. The 17% jump in price from 50 cents to 65 cents, coupled with the significant increase in trading volumes, is a clear indication that the market is reacting positively to this development.In a significant development, XRP experienced a 17% increase, spearheading overall market growth. This surge follows a landmark agreement in the prolonged dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).
In July, it was commonly anticipated among crypto traders that there would be a resolution. The digital tokens attracted significant focus, particularly from the South Korean market, and outperformed gains in key tokens multiple times, as previously reported.
On Wednesday, a federal court mandated that Ripple should pay a fine of $125 million in civil penalties and prohibited them from violating securities laws in the future. Despite the case appearing to be concluded, it’s anticipated that the Securities and Exchange Commission (SEC) will appeal the decision, possibly prolonging the legal proceedings.
In response to Ripple’s recent court decision, the market showed optimism as the price of XRP surged to 65 cents from its previous 50 cents. This increase was accompanied by a significant rise in trading volumes, which soared to approximately $4.2 billion over the past 24 hours, compared to Tuesday’s $1.2 billion.
In other words, the short liquidations on XRP-related futures amounted to only $6 million, implying that the price fluctuations were primarily due to spot trading activities.
Simultaneously, the amount of ongoing contracts for XRP-related futures increased by $200 million following the decision, suggesting fresh capital flowing into the market. Interestingly, more than 60% of these traders appear to be bullish, anticipating that prices will continue to climb.
During the Asian morning trading session, when most markets were steady, XRP stood out as one of the tokens experiencing growth.
In the meantime, the price of Toncoin (TON) surged approximately 6%, reaching $6.33, following the announcement that Binance would include TON in their trading platform.
As an analyst, I observed that Bitcoin (BTC), Solana’s SOL, and BNB Chain’s BNB remained steady over the past 24 hours, according to the data. In contrast, Ether (ETH) experienced a decrease of 3.4%. The broader CoinDesk 20 (CD20), which tracks the largest tokens excluding stablecoins, showed a slight increase of 0.3%.
On the 7th of August, Bitcoin exchange-traded funds (ETFs) recorded a total inflow of approximately $45.1 million, as per market data. Specifically, GBTC experienced an outflow amounting to $30.6 million, while BTCW and IBIT saw inflows of $10.5 million and $52.5 million respectively.
Money was withdrawn from exchange-traded funds (ETFs) that focus on Ether, totaling approximately $23.7 million. Grayscale’s ETHE experienced a significant outflow of around $31.9 million, while Fidelity’s FETH saw an inflow of about $4.7 million. Additionally, ETH and EZET had inflows of $1.7 million and $1.8 million respectively. The remaining Ether-focused ETFs showed no change in investment.
The possible stagnancy in BTC‘s price could indicate the market starting to factor in the possibility of a Kamala Harris presidency. Semir Gabeljic, Director of Capital Formation at Pythagoras Investments, suggests keeping an eye on Harris’ rising influence as a potential market catalyst.
Recently, Harris has equalized Trump in public opinion surveys and on Polymarket, a platform typically favoring Trump. She is associated with a pro-cryptocurrency group called “Crypto for Harris,” aiming to turn smart crypto legislation into a bipartisan concern. Various stakeholders, including Paul Grewal, the Chief Legal Officer of Coinbase, are advocating for cryptocurrency policy not to be exclusive to one party. This way, the U.S can avoid lagging behind Asia in establishing appropriate regulations.
During the Asian trading hours, TONCoin is showing a 9.7% increase. This surge might continue as the TON-focused event ‘The Open Summit’ at ABS 2024 in Taipei concludes on Thursday.
In the current highly competitive election, coins themed around Trump (PoliFi) are experiencing difficulties due to his contested status. The MAGA (TRUMP) coin has dropped by 12.5% in the past month and a further 44.5%, while TREMP on Solana is down by 6% for the day and 43% over the same period. On the other hand, coins themed around Kamala Harris (KAMA) have remained steady and have seen an increase of over 160% in the last month.
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2024-08-08 10:16