XRP, the cryptocurrency by Ripple and native token to the XRP Ledger, is outpacing Bitcoin and Ethereum with an 8% price gain in the past 24 hours.
XRP price chart
As can be seen in the daily chart below, the XRP price has crossed above $0.63. This means it retested and broke higher for the first time since the 8% dip on July 19.
Source: TradingView
In doing so, bulls revisited $0.65, the highest price level since XRP’s bearish flip in March. A bullish breakout is likely given the bullish pennant pattern.
The Ripple token is currently more than 7% up over the past week and 35% in 30 days – returns that put XRP among the top gainers in July. Why is the XRP price surging? Here’s a look at some of the possible catalysts.
Whales are aggressively buying XRP
On-chain insights and market intelligence platform Santiment notes that XRP price performance in the past few days has come amid a notable increase in whale accumulation. In the past five weeks, the number of new addresses with 10,000 or more XRP has surpassed 2,380.
As a result, whale and shark addresses on the XRP Ledger exceed 279.4K – a six-month high.
“The correlation between these wallets and XRP’s market value has been undeniable throughout 2024,” Santiment analysts wrote on X.
Is the SEC about to settle with Ripple?
XRP’s outperformance of the top 10 cryptocurrencies on the day also comes amid fresh speculation around the Ripple vs. SEC lawsuit.
The community looks upbeat amid the view that an upcoming meeting with the SEC scheduled for August 1, 2024, could see the regulator address a settlement with Ripple.
In July 2023, XRP exploded more than 73% in 24 hours as it surged from $0.47 to hit highs of $0.94. The spike followed a US judge’s ruling that XRP was not a security.
An announcement of a settlement could see such a reaction from the Ripple community. SEC’s latest move to address the subject of crypto securities could also be a major boost to the overall market.
Ripple’s partnership with Brazil’s Fenasbac
Some of the upsides may also be related to the recent announcement that Ripple had partnered with Fenasbac, the National Federation of Associations of Central Bank Servers.
The collaboration, the second between the two parties, looks to tap into Ripple’s blockchain technology to enhance fintech innovation in Brazil. Ripple and Fenasbac will advance this via an accelerator program dubbed ‘Next’.
Ripple has struck numerous partnerships and its traction in Latin America is significant.
But the company said in a blog post that it had picked Brazil as its first country for “targeted investment.” It noted Brazil’s developer community, digital payments infrastructure and cryptocurrency-related policies as key to this move.
Support for initiatives that leverage XRPL adds to the overall sentiment around XRP.
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