XRP News Today: XRP Surges on SEC Developments and Whale Buying, Sparks Market Cap Shift Speculation

XRP’s recent price movement has reignited speculation about a potential market cap shift, with some analysts drawing parallels to the 2017 cryptocurrency boom. The XRP/BTC pair has broken out of a seven-year consolidation phase, surpassing a critical resistance level near 0.000035 BTC. This development, noted by crypto analyst Cas Abbé, has fueled discussions about whether XRP could overtake Ethereum to reclaim the second-largest market capitalization in the crypto space [1]. The breakout coincides with advancements in Ripple’s legal battle with the U.S. Securities and Exchange Commission (SEC), which recently agreed to reduce its proposed fine from $125 million to $50 million and lifted an injunction blocking institutional XRP sales. While a final resolution remains pending, the August 15 deadline for the SEC to report to the appeals court has intensified market attention [2].

Whale activity has further bolstered optimism. On-chain data indicates that large holders purchased 60 million XRP within 24 hours, injecting over $180 million in buying pressure. This follows a month-long trend of increased accumulation by institutional investors, according to analyst Ali Martinez. Meanwhile, XRP’s Network Value to Transaction (NVT) ratio has hit multi-month lows, a technical signal historically associated with strong price rallies [1].

Despite these bullish indicators, XRP remains far from its all-time high against Bitcoin, which would translate to a price near $26.60, as noted by analyst Amonyx. At press time, XRP traded at $3.10, with a market cap of $183.5 billion, securing its position as the third-largest cryptocurrency. While some anticipate a true breakout above $26, others caution that the current surge mirrors 2017 patterns without guaranteeing a similar outcome.

The legal landscape remains a key wildcard. Although the SEC has not officially withdrawn its appeal, the removal of the institutional sales ban and reduced penalties have eased regulatory uncertainty. Analyst Bill Morgan emphasized that the August 15 date is not a binding deadline for the SEC but rather a procedural milestone. A spot XRP ETF, if approved, could catalyze broader adoption akin to Bitcoin and Ethereum ETFs earlier this year, though no formal applications have been announced.

Separately, a criminal case involving XRP emerged, with Nancy Jones, widow of country artist George Jones, reporting a $17 million theft of XRP linked to her ex-boyfriend Kirk West. While unrelated to market dynamics, the incident highlights ongoing risks in the crypto space.

Sources:

[1] Title: XRP to Flip ETH? ETF News Sparks 2017 Flashbacks (https://cryptopotato.com/xrp-to-flip-eth-etf-news-sparks-2017-flashbacks/)

[2] Title: CryptoPotato - Bitcoin & Altcoins, Crypto News and Guides (https://cryptopotato.com/)