- Ripple moved 150 million XRP coins, fueling speculation of strategic motives.
- Ripple CEO Brad Garlinghouse hails the July 13 ruling as a landmark for the crypto industry.
- XRP’s price saw an 11.50% increase, hitting $0.609 amid the bullish trend.
- Ripple supports John Deaton’s campaign against Senator Elizabeth Warren with a $1 million contribution.
- Market analysts predict possible price setbacks due to high investor FOMO.
Ripple’s Massive Coin Transfer
The crypto market is buzzing over a possible settlement between Ripple and the Securities and Exchange Commission (SEC) in their long-standing XRP lawsuit.
On July 17, a significant transfer of nearly 195 million XRP coins was observed, with 150 million coming from Ripple itself. This transfer has ignited speculation about Ripple’s strategy, especially as XRP shows signs of a bull run.
Whale Alert, a blockchain tracking service, reported that Ripple moved 150 million coins, valued at approximately $87.49 million, to an unknown address labeled as rP4X2hTa7A…7XZ63sKxv3.
The same address, transferred 45.07 million coins to exchanges Bitstamp and Bitso in two separate transactions. See transactions here (Bitstamp) and here (Bitso).
Ripple’s CEO and the Landmark Ruling
Brad Garlinghouse, Ripple’s CEO, deemed the July 13 ruling a monumental event for both XRP and the broader cryptocurrency industry.
Garlinghouse referred to the ruling as a “core memory,” underscoring its significance. Despite this progress, the lawsuit is ongoing, and speculation suggests that a settlement could be reached soon.
Pro-Ripple lawyers Bill Morgan and Fred Rispoli expressed their optimism, predicting a final judgment by the end of July or early August.
Meanwhile, XRP’s price has surged, with CoinMarketCap data showing a 38% weekly gain. The token’s price reached $0.609, marking an 11.50% increase in just 24 hours.
Market Dynamics and Investor Sentiment
Worth mentioning that coin tracking and analytics service Coinglass noted a bullish trend, reporting a 20.23% rise in XRP futures open interest, reaching $818.02 million.
Derivative volumes also spiked, showing a 55.62% increase to $5.15 billion. Despite these positive indicators, some analysts warn of potential price setbacks due to high investor FOMO (Fear of Missing Out).
The RSI (Relative Strength Index) for XRP has reached 76, nearing the overbought territory.
This suggests that while the token shows strength, it might face a price correction soon.
Crypto market analyst Dark Defender identified $0.6649 as the next price target if XRP manages to hold above the $0.6 resistance level.
Ripple’s Political Moves
Ripple is also making headlines in the political arena. The company has contributed $1 million to support XRP advocate John Deaton in his Senate campaign against Senator Elizabeth Warren – according to Fox journalist, Eleanor Terrett.
Deaton, a pro-crypto candidate, is running for the GOP nomination in Massachusetts. Ripple executives Brad Garlinghouse and Chris Larsen have also personally contributed to Deaton’s campaign.
Deaton’s campaign has garnered significant support from the crypto community, including Cardano founder Charles Hoskinson.
This Senate race represents a larger ideological battle between pro-crypto and anti-crypto forces. Deaton’s potential victory could shift the regulatory environment in favor of the crypto industry, while Warren’s re-election would likely mean continued scrutiny and regulation.
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Conclusion
The XRP market is currently in a state of high alert, driven by speculations of a Ripple SEC settlement and significant on-chain activities.
Ripple’s recent coin transfers and its political backing for John Deaton have added layers of complexity to the unfolding story. While the token’s price shows bullish tendencies, high investor FOMO could pose risks.
The coming weeks will be crucial for XRP, not just in terms of price movements but also in shaping the broader regulatory landscape for cryptocurrencies.
The outcome of the Massachusetts Senate race could have far-reaching implications for the industry. As always, investors should stay informed and exercise caution in this volatile market.
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