By
Anisha Pandey
July 1st, 2024
Ripple-backed XRP has outshined the rest of the top ten most valuable crypto assets in the past seven days.
The United States government led by President Joe Biden has significantly changed its stance on the altcoin industry, led by Ethereum (ETH price data) and Ripple-backed XRP (XRP price data), ahead of this year’s elections. The US political class has continued to take advantage of the well-organized crypto investors, amounting to over 50 million American voters, to persuade support in the upcoming elections.
As Coinspeaker reported, the US SEC has closed its investigations into Ethereum, thus signaling the spot Ether ETFs being listed as a commodity. The move by the US SEC to drop investigations against Ethereum has raised hopes for similar results for the ongoing Ripple case.
Moreover, the US SEC recently informed the court to fine Ripple $102.6 million for violating securities laws in the XRP sales to institutional investors. The SEC vs Ripple case has given XRP much-needed legal clarity in the United States after Judge Analisa Torres ruled that exchange sales do not violate any securities laws.
According to a popular crypto researcher, Bill Morgan, the closure of the Ethereum investigations and the inevitable Ripple settlement is a clear indication of the agency’s arbitrary policies on crypto.
Consequently, data analytics firm CryptoQuant has observed a notable spike in XRP’s Open Interest. The notable spike in XRP’s Open Interest has coincided with the recent bullish sentiment, and heightened daily traded volume.
$XRP in the Spotlight
“This trend suggests that as open interest rises alongside price, investors are opening more positions with the expectation of #XRP‘s price increase.” – By @Woo_Minkyu
Read more 👇https://t.co/3LdIia5Mpa
— CryptoQuant.com (@cryptoquant_com) June 19, 2024
Market Picture
Ripple has continued to build the necessary infrastructure to ensure mass adoption for XRP and its blockchain payment products. The company received unwavering support in other jurisdictions with major crypto presence such as Singapore, Japan, and Europe.
For instance, Ripple recently announced an XRPL fund to drive blockchain innovation in Japan and South Korea. The blockchain payment company has significantly focused on improving XRPL to ensure sustainable web3 growth.
Earlier this month, Ripple announced the rollout of the XRPL EVM Sidechain to enhance compatibility between the Ethereum Virtual Machine (EVM) and the XRPL chain.
Earlier this year, the company launched a native Automated Market Maker (AMM) for the XRPL to enhance XRP’s liquidity. Moreover, Ripple plans to unveil a U.S. dollar-backed stablecoin on the Ethereum and XRPL chains later this year.
Price Action
Despite the notable legal hurdles in the past three years, Ripple-backed XRP has managed to remain in the top ten most valuable digital assets. The large-cap altcoin, with a fully diluted valuation of about $49 billion and a daily average traded volume of around $1.4 billion, has surged 2 percent in the past week to hover around $0.49 on Wednesday.
From a technical standpoint, XRP price is on the cusp of a historical upsurge, after the monthly Relative Strength Index (RSI) established a solid support above the 50 percent level.