Although XRP Coin is one of the largest altcoins by market value, it has remained weak during the ongoing rise for over a year. XRP Coin has only approached the $1 threshold once in the past year, being under pressure for years due to both increasing supply and the SEC. However, things might change in August. With this expectation, XRP Coin has once again surpassed the $0.65 threshold.
Why is XRP Coin Rising?
On August 1, the U.S. Securities and Exchange Commission (SEC) and Ripple will hold a closed-door meeting. The ongoing lawsuit for years has not given the SEC a definitive victory and does not seem likely to. Moreover, due to the defeat in the summary judgment, Gensler needs to wrap things up before leaving his position.
Today, XRP Coin price climbed approximately 5% to the highest level in the last 4 months. Surpassing the $0.65 threshold also indicates that a move targeting $0.74 could occur. The SEC and Ripple will focus on reconciliation and discuss possible solutions during the meeting.
For weeks, XRP Coin price has remained relatively strong despite the negative sentiment in the general market. Two weeks ago, Ripple’s CEO’s statement to Bloomberg that “a settlement is near” was welcomed by investors. The SEC’s insistence on claiming that altcoins like SOL, ADA, and DOT are securities also had an impact here.
XRP Coin Price Prediction
Before the meeting on July 24, the XRP price had also risen, and we are seeing something similar again. If no solution comes out of the meeting, some of the gains may be given back, and those looking for short-term trading opportunities are already at a good selling point.
According to Santiment data, the number of addresses holding over 10,000 XRP has been steadily increasing for 5 weeks. As this investor group, which has reached the highest level in the last 6 months, accumulates, the XRP Coin price has historically tended to rise.
Open positions in futures trading have risen to $876 million. This increase is happening in an environment where open positions in the general market are rapidly eroding. The open position bottom for July was $448 million, and interest has nearly doubled.
If the expected scenario occurs, targets of $0.74 and $0.93 could be tested with the continuation of the rise. This movement will be shaped by the news coming tomorrow.
