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- Santiment data shows an aggressive accumulation of XRP by whales in the past five weeks as an analyst anticipates a potential run to $0.9.
- The US Securities and Exchange Commission (SEC) makes an unexpected decision to amend its complaint against Binance to remove ten cryptos from the securities category.
XRP shows a strong resilience in the face of the “bearish wind” that swept across the broad market yesterday, July 30, dragging Bitcoin price from $69k to $66k and Ethereum to $3.3k. At press time, XRP had defied the current market sentiment to stage an 8% surge in the last 24 hours, 7% in the last seven days, 35% in the last 30 days, and 27% in the last 30 days to trade at $0.6461.
In investigating the reason for this strong buying pressure, it was observed that investors made a move in relation to the latest update on the US Securities and Exchange Commission (SEC) vs Binance case.
SEC’s Latest Decision Receives a Fierce Response from Ripple’s CEO
According to our report, the US regulator has decided to alter its complaint regarding third-party crypto assets like Solana, Cardano, and Polygon.
In its initial lawsuit, the SEC flagged the likes of Solana (SOL), Cardano (ADA), Polygon (MATIC), FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as securities. However, its joint status response filed with the US District Court for the District of Columbia on July 30 stresses that the court does not need to issue a ruling to prove the allegations at this time.
Commenting on this, Ripple’s CEO Brad Garlinghouse has lashed out at the regulator, labeling its approach as hypocritical. According to him, the Gary Gensler-led SEC has always emphasized that the rules are clear. However, its enforcement over the years has been inconsistent. To him, their position is not a “faithful allegiance to the law.”
More evidence of SEC hypocrisy. Chair Gensler testifies the rules are clear, yet his SEC can’t figure them out and applies them haphazardly, festering more industry confusion. A political agenda and/or bad faith litigation tactics. Def not a “faithful allegiance to the law”.
Agreeing with this position is the US presidential candidate Donald Trump, who has vowed to replace Gensler when elected as president. As claimed by him, Gensler’s administration has facilitated what is called the “anti-crypto campaign.“
What the SEC Amendment Means to XRP Investors
The implication of this amendment is the impression that the settlement of the SEC vs Ripple case could be on the verge of conclusion. With this speculation trending on various XRP forums, whales have doubled down their accumulation effort to increase their positions.
Confirming this is an on-chain data provider Santiment. According to its data, there has been a significant increase in the total number of wallets holding at least 10,000 XRP in the past five weeks. Our analysis of this data shows that 279,400 such addresses are currently on the XRP Ledger (XRPL).
On technical grounds, crypto analyst Ali Martinez has observed that XRP has broken out of the triangle pattern and could make a long run to hit $0.9. When this happens, the asset could extend its rally to set a new all-time-high price record.
$XRP has been consolidating within a symmetrical triangle for 6 years! A bullish breakout could occur if #XRP surpasses $0.90. pic.twitter.com/YzW3jDuvF9— Ali (@ali_charts) July 30, 2024
