After a slight reversal took place this week, Ripple is back to its surging ways as bullish momentum has continued to drive XRP upwards this week. The token has surged more than 24% over the last 24 hours, according to CoinMarketCap. Moreover, it is looking to surge back to the $0.60 level.
The crypto took a slight tumble yesterday after a setback in the ongoing US Securities and Exchange Commission (SEC) lawsuit. The agency canceled a crucial closed-door meeting, putting the predicted July 31st settlement into question. Yet, the market seems to be back on the XRP hype train Friday.
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XRP Back Up as Ripple Data Points to Emerging Bull Rally
Ripple XRP is approaching a crucial point. The token has been increasing steadily this week and has a chance to continue gaining due to several important metrics. Currently, the crypto market is carefully seeing how it responds to a reversal Thursday to sort through how it could perform entering next week.
There are expectations that Ripple will continue to ride bullish momentum and continue XRP’s 24% weekly gains. Specifically, the XRP Ledger (XRPL) has faced significant growth. Santiment data noted that the network saw a surge in new addresses. The figure was its highest count since March.
Additionally, active addresses have also shown an increase. The on-chain analysts firm noted the blockchain observed more than 47,3000 active addresses transact XRP between July 17th and July 18th. Like the previous metric, this is the highest mark XRPL has seen since late March.
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When figures like this increase, it is usually indicative of an impending update or the like. That’s not the case for Ripple. It looks like these data points are due to the sentiment that XRP is facing. Specifically, from the ongoing rumored settlement to the SEC legal battle.
Legal expert Fred Rispoli previously predicted that the lawsuit would end on July 31st. If that looks to be in play, the market could be preparing. A ruling would only lead XRP to further surge, with July 23rd, and the launch of the Spot Ethereum ETF providing even more questions regarding its performance.
The investment offering is expected to drive the crypto market. Not only should ETF inflows increase asset prices, but speculation over what asset could be next will also come into play. The end of its SEC battle could have XRP as a beneficiary from that increasing hype.