In a market that’s been anything but predictable, XRP (XRP-USD) just made headlines with a 19% surge, leaving other major cryptocurrencies in the dust. This spike came on the heels of a much-anticipated settlement between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), a case that’s been hanging over the crypto world like a dark cloud for years. With the settlement announced, XRP shot up from 50 cents to 65 cents, as traders reacted swiftly to the news.
But the excitement didn’t stop there. The settlement didn’t just send XRP’s price soaring—it set the entire market on fire. Trading volumes nearly tripled, jumping from $1.2 billion on Tuesday to a staggering $4.2 billion within 24 hours. It seems everyone wanted a piece of the action, especially in South Korea, where XRP had already been drawing significant attention throughout July.
Ripple’s Win Shakes Up the Futures Market
The terms of the settlement are quite hefty, with Ripple agreeing to pay $125 million in civil penalties and an injunction against future securities law violations. But while this chapter of the legal saga might be closing, an appeal from the SEC is likely on the horizon, meaning the story isn’t over just yet.
Interestingly, the market reaction was spot-driven, with only $6 million in short liquidations on XRP-tracked futures. What’s more, open interest on these futures shot up by $200 million, signaling that new money is flowing in, and many traders are betting on further price increases. Over 60% of these futures traders have a long bias, showing strong confidence in XRP’s future.
What About the Rest of the Crypto Market?
While XRP basked in the limelight, the rest of the crypto market remained relatively quiet. Bitcoin (BTC-USD), Solana (SOL-USD), and BNB (BNB-USD) barely moved, while Ethereum (ETH-USD) saw a slight drop. Meanwhile, other coins like Toncoin (TONCOIN-USD) saw modest gains, with TON up nearly 6% after Binance announced it would be listed on its marketplace.
What Is XRP’s Price Right Now?
XRP’s big jump has reignited excitement in the crypto world, but with the SEC likely to appeal, the road ahead could still be bumpy.
At the time of writing, Ripple is sitting at $0.6140.
