A filing on Tuesday showed that the U.S. SEC intends to amend its lawsuit against Binance regarding the "third-party crypto-asset securities" section, which may mean that the judge does not have to decide whether ten tokens such as SOL and MATIC are unregistered securities. Traders see this as a signal that the legal dispute between the SEC and Ripple Labs may be coming to an end.
In addition, as part of a pre-determined unlocking schedule, Ripple will unlock 1 billion XRP in August, worth $641 million at current prices.
While releasing more token supply to the market logically would depress prices, a growing field of research suggests that this could accelerate existing bullish market trends due to increased liquidity.
CoinGecko data shows that a large part of XRP demand comes from South Korea, with $386.5 million in trading volume for the XRP-Korean won trading pair, while Binance's XRP-USDT trading pair has a trading volume of $352.5 million.
OKX market data shows that XRP is currently at 0.6476 USDT, with a 24-hour increase of 8.38%. (CoinDesk)