XRP Soars 17%, Outperforms Bitcoin After Ripple and SEC Case Settlement
Date: 2024-08-09 Author: Henry Casey Categories: CRYPTO PAYMENTS
XRP has surged 17% since the Ripple Labs vs. SEC ruling. The token’s price has risen from 50 cents to 65 cents, and trading volumes have increased significantly.
A federal judge has ordered Ripple to pay $125 million in civil penalties and barred it from violating securities laws. Although the case has reached its conclusion, the SEC is likely to appeal the ruling, which could prolong the legal battle.
The market has reacted positively to the ruling, with XRP jumping from 50 cents to 65 cents. Trading volumes have risen to $4.2 billion in the past 24 hours, up from $1.2 billion on Tuesday. However, short positions on XRP-tracking futures have been liquidated at just $6 million, suggesting that the moves are spot-based.
XRP futures open interest has increased by $200 million since the ruling, suggesting that new money has entered the market. The data shows that more than 60% of these traders are long and expect prices to rise further.
XRP was one of the few major tokens to show gains in the Asian morning trading hours amid a flat market. Meanwhile, Toncoin (TON) has risen nearly 6% to $6.33 after Binance announced it would list it on its platform.
Bitcoin (BTC), Solana’s SOL, and BNB Chain’s BNB are all flat in the past 24 hours, while Ether (ETH) has fallen 3.4%. The CoinDesk 20 Overall Index (CD20), which tracks the largest non-stablecoin tokens, rose 0.3%.
Bitcoin ETF inflows totaled $45.1 million on the day of Aug. 7, according to market data. Meanwhile, GBTC saw outflows of $30.6 million, BTCW saw inflows of $10.5 million, and IBIT saw inflows of $52.5 million.
Ether ETFs saw outflows of $23.7 million. Grayscale's ETHE saw outflows of $31.9 million, while Fidelity's FETH saw inflows of $4.7 million. ETH and EZET saw inflows of $1.7 million and $1.8 million, respectively, with the rest showing no significant movements.
BTC's lack of movement could indicate that the market is starting to price in the possibility of Kamala Harris in the White House. Semir Gabeljic, director of capital formation at Pythagoras Investments, pointed to the growing interest in Harris as a possible catalyst for the market.
Harris, who recently tied Donald Trump in polls and on Polymarket, now has a "Crypto for Harris" advocacy group that hopes to make sensible crypto legislation a bipartisan issue.
A host of stakeholders, including Coinbase general counsel Paul Grewal, are also calling for crypto policy to be non-partisan so that the U.S. can catch up with Asia on regulatory issues.
Meanwhile, other tokens that saw gains in Asian trading included TONCoin, up 9.7%. TON could gain momentum as the TON-themed "The Open Summit," part of ABS 2024 in Taipei, wraps up.
Trump-linked coins, meanwhile, are struggling amid a competitive election. MAGA (TRUMP) is down 12.5%, or 44.5% for the month, while Solana’s TREMP is down 6% on the day and 43% for the month. Harris-linked KAMA has been trading steadily and is up over 160% in the last month.
