XRP has experienced a significant rise in large wallet activity as critical regulatory events approach. The token surged to its highest price in seven weeks.
Increase in Whale Accumulation
According to blockchain analytics firm Santiment, there are now 2,742 wallets each holding at least 1 million XRP tokens, just one short of the all-time high. The aggregated amount of XRP in these wallets totals around 47.32 billion, indicating high investor confidence before upcoming events in July.
Expected ETF Approvals Could Impact Market
Several ETF filings are anticipated to receive responses this month, with ProShares targeting July 14 for the launch of three XRP futures ETFs. Furthermore, over ten registered XRP ETF applications are under SEC review with a final ruling expected in October.
Closed SEC Meeting Sparks Speculation
A closed SEC meeting is scheduled for today, July 10, at 2:00 PM ET. The meeting will cover litigation resolutions and enforcement actions, drawing attention from the XRP community as it could have significant implications for Ripple and XRP.
Increasing wallet accumulations and anticipated regulatory decisions keep XRP in the spotlight. The SEC meeting and ETF deadlines may directly affect XRP's legal status and price direction in the coming weeks.
