XRP Up 7% Amid Ripple-SEC Settlement Hopes and $600M Token Unlock

Rising optimism and a scheduled token unlock drive XRP's price to its highest since March.

XRP has seen a notable increase, rising 7% in the last 24 hours to surpass 64 cents, the highest price since March 25. This surge is largely driven by trader optimism regarding a potential settlement in the ongoing legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC).

The SEC recently moved to amend its complaint against Binance, which many traders interpret as a sign that the legal dispute involving Ripple may be nearing a resolution. Ripple is accused of issuing XRP as an unregistered security.

Adding to the market dynamics, Ripple is set to release 1 billion XRP tokens, worth approximately $641 million, in August as part of a pre-determined schedule. While increasing token supply might typically lower prices, recent research suggests it could enhance an already bullish market trend by boosting liquidity.

Data from CoinGecko indicates that South Korea is a major driver of XRP demand. The trading volume for the XRP-Korean Won pair reached $386.5 million, surpassing Binance’s XRP-USDT pair at $352.5 million. South Korean traders are known for creating euphoric rallies, contributing to significant buying pressure and influencing price movements.

Earlier in July, XRP trading activity on South Korean exchanges surpassed that of bitcoin and tether, leading to a 20% rally in XRP tokens. This increased activity reflects the strong enthusiasm and support from South Korean traders.

photo source / Blockonome