Ripple & SEC Jointly File for Dismissal, Fueling XRP Price Today

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The XRP price today is experiencing a powerful surge, propelled by a much-awaited monumental news event and strong on-chain metrics. 

The most recent breaking news, reveals Ripple’s joint filing with the SEC to dismiss all appeals. This news is confirmed by Ripple’s CLO, Stuart Alderoty.

This has ignited a market-wide rally, restoring investor confidence and triggering a cascade of bullish activity. This powerful combination of legal clarity and market momentum is what driving XRP price today.

On-Chain Data Confirms This Bullish Momentum In XRP Price Today

The positive XRP news today has been a massive catalyst, which helped ignite a flurry of activity in both the derivatives and spot markets, as revealed by Santiment’s data.

The XRP’s total Open Interest (OI) has surged to a staggering $2.77 billion. The rise in massive influx of capital into the market and build-up of leveraged positions is a very clear sign of traders betting big on continued upside. 

Supporting this, the total funding rates have also spiked from 0.004% to 0.01% in the last 24 hours. This is a definitive sign of strong market confidence. Because a rise means bullish traders are paying a premium to maintain their long positions.

Moreover, the accumulation this week highlighted by Santiment’s data shows an uptick, too. It shows that the wallet addresses that are holding between 1 million and 100 million XRPs have been significantly increasing their holdings since early August. 

That said, this whale accumulation, combined with a “retail FOMO” trend, shows that both large and small investors are buying into the post-lawsuit optimism.

In Addition, the number of active addresses on the network has skyrocketed, jumping to 90.4K in just 24 hours, which is a significant increase from the week’s low of 42.8K. 

This revival of on-chain activity suggests growing utility and user engagement, which are crucial for sustaining the XRP price rally.

A New Chapter for XRP Price: Is $5 Next Target?

With the five-year legal battle’s end, the XRP price USD has rebounded to early 2025’s level at $3.31, at the time of writing.

This surge came after a decisive bounce off the 50-day EMA support at $2.75 in early August, marking a nearly 20% rise in a week’s time, and a 12% gain in intraday trading alone. 

Per the Ripple price prediction for August, the optimism for higher targets has surged. Where experts are betting on $5.00 most likely to hit first. 

This powerful rally is part of an ongoing falling wedge breakout, which is currently in the process of completing its pullback phase. 

Once this pullback phase is complete by jumping beyond the $3.66 all-time high, a new chapter will begin for the XRP/USD pair that could see a significant new leg up.