- Whale wallets increase XRP holdings ahead of key ETF decisions.
- SEC’s closed meeting today fuels speculation on the Ripple case.
- XRP price hits $2.43 as investors prepare for July.
XRP has seen a sharp rise in large-scale wallet activity as the market approaches critical regulatory milestones. The token surged to $2.43 earlier today, hitting its highest value in seven weeks and registering a 4.60% daily gain.
It has now climbed 6.85% over the past week, boosting its market capitalization to $143.84 billion and solidifying its position as the fourth-largest cryptocurrency.
Whale Accumulation Rises with Anticipation
Blockchain analytics firm Santiment has reported a near-record number of large wallets accumulating XRP. A total of 2,742 wallets now hold at least 1 million XRP tokens, just one short of the all-time high.
The aggregated XRPs in these wallets total around 47.32 billion, which shows high confidence by the investors before the planned events in July.
Also Read: Analyst Says July-August Will be Explosive for XRP, Shares New Targets to Watch Out For
In addition to the price growth, whale accumulation increases as well, reflecting the surge of institutional interest in XRP. The trend implies that major investors are gearing up in anticipation of what may prove to be decisive moments for the asset.
Upcoming ETF Approvals Could Shape Market Momentum
Several ETF filings are expected to receive responses this month, with ProShares targeting July 14 for the launch of three XRP futures ETFs: the Ultra XRP ETF, UltraShort XRP ETF, and Short XRP ETF. Turtle Capital is also eyeing July 21 for its 2X Long XRP Daily Target ETF.
Volatility Shares is also expected to launch two additional futures-mounted ETFs on the same day. Moreover, REX-Osprey expects to open its XRP ETF on July 25 pending approval by the United States Securities and Exchange Commission (SEC).
In the meantime, more than ten registered XRP ETF applications are said to be under SEC review, with the final ruling expected in October.
Closed SEC Meeting Sparks Speculation Over Ripple Lawsuit
Attention has also shifted to a closed SEC meeting scheduled for today, July 10, at 2:00 PM ET. As indicated in the Sunshine Act Notice, the meeting will cover litigation resolutions, settlements, administrative actions, and enforcement.
Though the Ripple case is not expressly referred to, the XRP community observes the situation with special interest.
SEC commissioners, legal counsel, and approved staff will attend this closed-door meeting. The outcome of this meeting might have big implications for the regulatory future of Ripple and XRP.
Conclusion
With considerable wallet accumulation on the rise and regulatory decisions looming, XRP continues to draw significant market attention. The SEC’s closed meeting and upcoming ETF deadlines may directly impact XRP’s legal standing and price direction in the weeks ahead.
Also Read: Ripple CEO Reacts to Recent BNY Mellon Collaboration in New Interview
