Ripple vs SEC summary judgment will be scheduled for July’s end or August based on crypto market developments and court rulings. Price of XRP to $1?
Ripple CEO Brad Garlinghouse and chief legal officer Stuart Alderoty remain positive regarding a summary ruling in Ripple’s support as the US Securities and Exchange Commission’s position weakens. The cryptocurrency sector might experience a crucial month in July since many significant developments are anticipated by investors.
The US House Financial Service Committee is getting prepared to introduce a stablecoin bill and provide regulatory certainty. As a result, the US SEC and CFTC may have independent supervision over the cryptocurrency industry. Additionally, key rulings in other cases, including those involving Binance, Coinbase, Terraform Labs, and others, will be announced in July.
Despite the SEC lawsuit, Ripple continues to reach out to the world. The central bank of Singapore, the Monetary Authority of Singapore (MAS), granted in-principle approval of the Major Payments Institution license to Ripple Markets APAC Pte Ltd last week.
Read More: Ripple Obtains Singapore Major Payments Institution License
Additionally, institutional investors have resumed their purchases of XRP as ETFs experienced their first week of inflows following many weeks of outflows. The registration of the Bitcoin ETF and the entry of TradFi into the cryptocurrency market have sparked a rebound in interest among traders.
Ripple vs SEC: Will the XRP Price Rebound in July?
On June 26, renowned crypto analyst Ali Martinez shared interesting details on the correlation between network activity and the price of XRP on Twitter.
The price of XRP increased after a rise in the number of active XRP addresses in the last three instances of this year, according to data from Santiment. After a large increase in the number of daily active addresses, prices jumped by 25% in January, 50% in March, and 25% in May.
“A spike in the number of active XRP addresses occurred before the last three instances in which the price of XRP increased.”
The number of daily active XRP addresses has increased recently, according to Santiment on-chain analytics. It suggests there is an excellent possibility the price of XRP is going to rise. A 50% is anticipated once more on the basis of past data and public sentiment in the US SEC v. Ripple dispute.
The price of XRP has increased by almost 35% this year. The price is currently $0.48, down 2% in the last 24 hours. The low and high points over the past 24 hours are $0.479 and $0.492, respectively.